They do have to step in and pay on the underlying note while they foreclose on the wrap this to protect their credit and theoretically project their equity The issue with all this sub to and wrap stuff is under capitalized investors or investors that dont know enough or investors that have a no morals and just look at these like if it works great I have little money into this no real equity and I am not on the loan so if it does not work I will just walk off .. or really bad actors that get into title rip rents and never pay the underlying I have seen that more times than you can imagine. this sub to  wrap stuff is just super dangerous and I dont care who is training people on it there are just to many things that can go wrong when your sub to deals or wrap deals are with owner occs and their mortgages.. seller carry backs like we did worked fine and the deals were smaller in those days. 

I would have to imagine folks who are competent enough to represent this type of value-add are typically focusing on larger opportunities than small to mid-size SFR portfolios.  

Hence why WB said index fund, sure if ya got a few hundred mill - billion+ yeah, could you imagine trying to sort out deploying a billion dollars into real estate, yikes, what a headache. 

Now keep in mind that a LOT of people visiting my website are competitors and investors copying my site you can imagine that my conversion rate is quite high.So what you should be asking is really this.

STR....I can only imagine the groups of individuals who will rent this house on a short term basis.

I have not received any feedback regarding that, but I like to imagine it does provide a new level of coziness upon their stay. 

I can't imagine someone with this history so fiscally irresponsible!

Now, think about the acceleration of technology and imagine 200 years into the future.

I look at every single item in the pro forma and imagine that it is complete BS, and see if I can challenge it.

For example, I imagine in a market like Detroit, a neighborhood, at-large, may be filled with mostly Class A properties (in comparison to the rest of the surrounding suburb and/or city); but, I would think that the quality of these properties can be further subdivided within themselves too.