@Brian Ellis you don't need to give them a reason. just say, "thank you for your application but we have chosen another applicant." 

@Nicholas Bohorquez I have no personal bias toward any of the areas that you are looking, but you are assuming a very high level of risk with your chosen areas.

You’ve chosen a great city!

I see some properties that could be absolute gold mines if it were too go that way, and if not it's a small cost to pay as a gamble.

It was out of state and with as small as it was I took a gamble and did not step foot in it until i owned it, but I had the local realtor go thru and do a video and a basic eye ball inspection and felt confident.

Those are the investors who get clobbered.You've chosen housing starts, and suggested that because of something or other with housing starts, you know what's going to happen with Toll Brothers- you don't.

You can gamble on appreciation, but you aren't going to pay your bills or earn a good ROI on Milwaukee properties at that price point.  

For financial reasons they operate as necessary to serve the demographics of their chosen market.  

@Dave CarpenterCurrently, time is the reason I have chosen to pursue buy and holds versus fix and flips.

If you learn to raise and organize capital well you can fill in the formalities of the syndication a lot easier by working with experienced syndicators in your chosen product type and offering them value in trade for knowledge.