I don’t see anything glaringly wrong with their concept but 2 things have caused a red light.  1.

On the positive, your losses are light. 

The other half is mostly turn key, light move in ready, section 8 work that is financed from the start.  

Fire pit with string lights is very popular.

We still end up doing a few things like upgrading appliances or installing recessed LED lighting and dimmer switches and other life-style upgrades to attract top-notch tenants. 

One demanded we paint the interior the color they wanted or they wouldn't renew their lease.8) MoveOut damages typically exceed their security deposit.

Broken glass lantern by the pool, smoke detector hanging in hallway, broken ceiling light in the bedroom, face plates missing or missing screws.

Required again as of 12/23/24 Appeals Court:"In light of a December 23, 2024, federal Court of Appeals decision, reporting companies, except as indicated below, are once again required to file beneficial ownership information with FinCEN.

Since our residents are traveling "light" to a furnished property, their coverage only costs a few bucks per month. 

What would be the price ranges of Class A, B and C properties in your markets of move in ready or something with light repairs (where a buyer could get a conventional loan, not a distressed property)?