I'm guessing/hoping it's a combination of my screening, having a nicer than average unit and being responsive and respectful With the tenants.  

Architecture did a design and well respected contractor estimated the buildout of 4 plex would be an additional ~800k for total project cost of ~1M. it would be ~1.2M for the 7 plex.  

However, we understand that the STR model may not align with everyone’s goals, and we respect your decision to step away after a year.

There they have a much higher likelihood to get tenants who will pay not to mention respect the property and make things easier for everyone. 

Both preferred equity and common equity have their respective pros and cons.

I would imagine this would be close to a balance sheet.I'm not sure what my CPA would want, but that looked pretty inclusive since I categorized my transactions into their respective categories, ie property management, and repairs.

I am working on my RE license for VA and see some gov contracts where JLL "is the Commonwealth’s contracted real estate broker for current real estate services, including with respect to the acquisition or lease of real property and the disposition of surplus real property." 

@Katharina Bormann They don't seem like very respectful tenants.

Higher Commissions = Higher Algo Placement.Regardless, Amazon isn't known for treating 3rd party sellers with any respect what so ever.

I completely respect your approach to investing and completely disagree in this instance.