If you are looking at properties in need of renovation, they want you to know your costs up front and many will be as-is purchases with the expectation that you aren't requesting repairs and your costs are confirmed.Depending on your state, but likely in all states, you have an inspection contingency in the contract, but what you will learn is that you will be competing against seasoned investors and contractors who know their numbers and houses so make better as-is offers.

Don’t waste time with buyers/sellers/borrowers that won’t give you an EXCLUSIVE; if you do you’re competing with every other financial intermediary or broker and even if you’re successful probably won’t get paid4.

I mean, it's always done differently, but it's the same script just different players.  

Or should the ratio include all units in the market even if I don’t plan to compete with climate controlled?

Most importantly, China and India (and Asia in general) are in the process of taking over as the world's main economic powers and the reality is we can't compete against their cheap labour. 

I’m sure the same is true of Destin - when you have thousands to compete with. 

There are three items required to make a successful partnership - Time, Experience, Capital.If you are a syndicator, you are likely expected to have time and experience.There is a lot that goes into being a competent syndicator - Proper communications, finding a good deal, communicating quarterly updates, networking with lenders, contractors, PM companies.You can gain experience by doing your own deals or working for someone who does(Ideally both).I personally think you should cement your experience before worrying about OPM.Best of luck

I personally think it's here to stay.However, wait till big money players find a way to profit from a sharp drop.

Sounds like you put in a Bonafide game player but no worries, they suck at the game.

And I suspect the other larger players in CA had the same arrangements we did.