Many successful investors started small, such as with house hacking or buying affordable properties to rent out.

We found it very successful to do direct marketing along with cold calling.  

Hello BP community, I would love to hear more about the process of developing in Washington DC.

I used to cold call, skip trace, send mailers, and don't get me wrong you will get success from it like James above, however as you gain experience you will realize you need deals faster, easier, cheaper, and with more "meat on the bones" and in order to have that you need constant deals flowing through your eco system and that's hard to do with mailers, cold calls, VA's and skip tracing etc.

By working closely with hosts, legal teams, and city officials, PadSplit successfully defended its model, ensuring continued housing opportunities for those in need.With this case setting a precedent outside of Atlanta, it strengthens the argument for more flexible and inclusive housing policies.

BP Rookie podcast has a pretty good content on Airbnb, however mostly success stories.

I invest in land and have done entitlement/zoning and other DD work successfully for years.A broker called me this morning on a property I have on a busy interesection and has a QSR client who likes the location, but does not want to do a ground lease, only a build to suit. 

We care about our investors' success, but it's ultimately up to each investor to take action to accomplish their goals however they do it!

The deal was successful and later on we sold the property at a significant profit and 1031 to something larger. 

On one hand, if a sponsor was that successful in flips (high margin, fast turn), they wouldn't need a fund.