Before I fill out a loan application I need to know if you care what kind of dog I have?

Sell several smaller properties and buy larger properties that can be managed.  

It does show that a group has been good at marketing to raise capital, but it could also mean they are levered up to their ears, have no cash flow, are on the brink of insolvency, etc, just at a larger scale then you or me.

Larger homes typically require more extensive and costly updates. 

The larger the spread between the cap rate and the cost of debt, the more leverage I'd use while keeping an eye on overall risk balance.  

Your property manager's comfort zone apparently doesn't extend to the larger project you'd like them to take on.

Looking at the photos, those surfaces are totally serviceable and any change would be cosmetic in nature.I would let the tenant know that small cosmetic changes like decorations are fine, but larger or not-easily-reversible ones like painting a driveway need owner approval and would be at tenant cost.

In todays market, they are most popular when purchasing a larger bundle, needing flexibility on a bundle (lower purchase prices being allowed for example), or when cross collateralizing equity as downpayment. 

We have a relationship with a much larger developer who does multifamily, mostly apartments, and even they can't figure out where to put their money right now, because the math just aint mathing for them to build or renovate at the moment.

I can find properties in my market that perform similar on a larger scale (more costly but similar percentages) but they bleed cash after the refi which is why I have not purchased in 2.5 years.