As bank’s risk tolerance shifts to being more cautious, less non-recourse loans are available.

This is way more conservative than a lot of people I talk to and has definitely meant that I lost out on opportunities, but it gives me bigger peace of mind and in shifting markets I feel better prepared to adapt if need be. 

Your journey into short-term rentals sounds like an exciting shift—I can feel your energy for taking on a new challenge. 

For investors, this presents a niche market to target families seeking multi-generational living arrangements.Things to Keep in Mind:SB 9 projects must comply with local ordinances, which may include design and setback requirements.Properties in historic districts or areas prone to environmental hazards may have restrictions.Lot splits under SB 9 require that the owner occupy one of the parcels as their primary residence for at least three years.ConclusionSB 9 represents a significant shift in California’s approach to zoning and housing.

You didn't think about there life, where there motives will shift too, what comes next 1, 2, 5 years down the road. 

Since the market shift I barely see any of these guys.

Or like many like to go to and claim Ponzi.I think these are good discussions to have for investors when the market has shifted and choosing a sponsor is so critical and one cant invest simply on popularity or SM presence.

If they’ve never weathered a rocky market or interest rate shift, their pro forma might be built on wishful thinking.

In my little part of the world, we call that "blame shifting".

If these groups are significant, it suggests there’s pent-up demand that could enter the market when one of two things happen:Rates Drop - Rates fall to levels that allow more buyers to qualify for the homes they want.Buyer Expectations Shift - Buyers realize that 5% rates aren’t coming back soon and decide to move forward.Based on the increase in activity I saw in Sept and Oct in my business, when rates hit low 6s, I'd say my market has plenty of pent-up demand.