The STR part plays no part in the valuation like @Patricia Andriolo-Bull said.I agree that 20% is pretty fair, but you could self manage it once you get things in order.

For example I know many who are now just lending because they are getting 10-12% short term which is far better than any cap rate on real estate. you do not have the equity upside as you do real estate but its a way to play the short game to see what happens over the next 12-24 months and decide when you want to buy.

Posted this on the Multifamily section, but realized after I should post it here.I am a current Senior at the  Catholic University of America playing Baseball and finishing up my accounting degree.

The Private Equity and Institutional investor is playing the ADU game - I’m working with them.

Yup this is right out of the Sub Too guys play book. 

Negotiating is a skill that needs to be practiced and consistently role played to get right.

Sidenote: I am a note investor and play in this space as my full time job, so I am not some crackhead. 

I don't know what the issue is/was, but I think a lot of customers want to play games and he probably did his best to keep them on the straight and narrow. 

That is our Bible or road plans for repositioning value plays in good hard working blue Collar areas of Ohio.  

The mega site in Richmond, as well as Mt Vernon, will really change the landscape in these areas as they did in E-town when the battery plant came in play.