I planned for it financially, but it's a headache for sure. your rent is too high if they are sitting vacant.. there is more inventory than butts to put in them.. therefore competition for the few qualified tenants this will cause rents to go DOWN.. if a property is not rented in 2 to 4 weeks your rent is too high .. this is one of the major risk factors that many dont see when buying in a subdivision of group of ALL new rentals..

@Matthew Giblin you're highly unlikely to succeed if you spread yourself over 4 markets.Recommend you do more research and just pick one of the 4 markets.Then do a trial run and see how it goes. 

My challenge is that the equity is siloed in a high number of properties which complicates our ability to draw against it and leverage that for operational and investment purposes.Do you all know of banks willing to work with investors and able to underwrite at the portfolio level, rather than having to apply for and open HELOCs on a per-property basis?

If PPR gave a percentage of its profit (which is likely very high or else they couldn't pay 12% year in year out) then their fund might be worth a second look.The fund PPR I was in sent out their first round of notes to buy and they were all in the rust belt, with VERY questionable collateral values and most under $50k. 

My experience, ability to deliver above satisfactory results at an exceptional period of time brought a much appreciated and high value to the deal.

However, she was highly demanding and I didn’t appreciate her negotiation method by intimidation.

New construction is sparse and only high-end homes. 

Rate will be high on a 30 year fixed loan for a commercial building, however you can easily find a low 7% rate on a DSCR 1-4 Unit 30 year fixed residential  mortgage

I plan to put two duplexes on the property but with this high appraisal is there a smarter thing to do to pull that money out of it or just use it for better collateral for the construction loan most banks will lend on the transfer price within a seasoning period. we face the same issues for land entitlement and development.

Hi Bracken,I would highly recommend reading David Greene's Long Distance Real-Estate Investing if you havent done so.