It doesn't look like it would affect small, private landlords who have 10 or fewer units just big PM companies. 

Find a private lender who charges you 10-12% plus points. you keep all upside but take on more risk. 

Make sure you are in a state that doesn't have licensing requirements for private lenders and make sure you work through a title and escrow agent so that your money is insured with a lender's title insurance policy and ABSOLUTELY make sure your LLC is listed as a loss payee on the property hazard insurance.

Pets, space, family, amenities and just general preference to less private hotels.

It is lower this year in the area.2nd, I think there can be a demand for this, even more so if it is private.

If you're not getting to that, then it's more of a LIRP (life insurance retirement plan), which has long term goals.There are a lot of companies that do well with "getting the money in" then screw up the end game with the loan provisions.If you want, I have a case study for using a policy for private lending to other people. 

Nick - one option would be to raise funds from a private investor that would be willing to take a second position Lien on the 3 unit.

Private acquisition and construction financing How did you add value to the deal?

An investment club must register with the SEC as an investment company under the 1940 Act if:the club invests in securities;the club issues membership interests that are securities (see above); andthe club is not able to rely on an exclusion from the definition of investment company.For example, a “private investment company” may not need to register with the SEC.

Private money for acquisition and construction, then a commercial loan for the permanent.