And it always takes a little longer and costs a little more...The more properties you have in a small area the better you can focus and gain operational efficiencies.

This tenant operates a resale business and is currently renting a single unit on the ground floor.

It’s experienced significant growth, particularly with tech giants like Intel, Meta, Amazon, and Google establishing operations, which has driven up property values and created new job opportunities.

Would I need to re-write the operating agreement if it was not previously used for real estate?

I.e. if you are great with numbers and an excel wizard, you could likely seek out a "deal" guy, who loves networking and hunting for properties, but doesn't really understand how to translate operations into financial models.

There are ~90 locations across the U.S. supporting the day-to-day operations of our construction crews.

Those sites are a good starting point, but I wouldn't underwrite anything solely based off those estimates.I would suggest Enemy method - Same bed/baths, Amenities offered are step one, but speak to other operators that have similar properties/amenities and compare numbers with them (That is true data not estimates)How well are you marketing and providing guest experience?

Last year we looked at 515 operators and deals and only invested in 11.

I'm confused about what exactly gets included in the operating expenses that are used in the DCR calculation - perhaps there's some variability?

it is going to be extremely difficult to buy a property in a market you don't know and don't live in, and operate successfullyfor example - don't do thishttps://www.biggerpockets.com/forums/48/topics/1137397-balti...