The lender just records the warranty deed and is the owner of the property.  

For reference, we currently build 1 million homes per year just to keep up with current demand.

Anyone that has looked at Zillow's Zestimate can tell you that an algorithm can give you a general idea, but it is just aggregating past data and spitting out a number. 

My assumption is that this means that in order to raise 50 million as a security, the fee for said shares would be just 7500 dollars.

I encourage your friend to forward the unredacted prom note to the SEC via this link https://www.sec.gov/tcr Click on Submit a Tip.

How do you approach educating people on the realities of the business? 

My goal was to just take his month late payments and give him a non-renewal when his lease is up.

To avoid going through the same poor experience, keep reading.Even if someone gives you a referral here, do NOT make the mistake of assuming that the PMC will meet your expectations, just because they met the expectations of the referral source.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

The industry continues to see consolidation, with private equity-backed firms actively acquiring, albeit at a slightly slower pace than the frenzy a few years back.

And this is a biggee wading through the fake lenders or the Joker brokers that tell you what you want to hear  but cant get the deals funded and you lose the deal and a lot of money.3. with actual PML  private people  usually have very limited funds so cant scale with them.. they can have a life event and just stop doing loans all together..