If a sponsor is touting a 7.3 entry cap in a 6.4 cap market, I'd be digging really deep into how that 7.3 was calculated, and how that 6.4 was substantiated. 

So on an so forth I think you will see a slow movement throughout the US for this. 

No, Facebook groups are usually slow for me.

Quote from @V.G Jason: I'm sure they've slowed down, but are still actively looking.

In markets like Chicago or Baltimore, where there is not much new construction, we will see rents rise faster than inflation. 2) 2026 will see new multifamily deliveries slow to closer to historical lows, though not quite as low as what we saw in the great recession. 

We own and manage two and one is particularly difficult during the shoulder (slow) seasons.

Some people with deep pockets are buying for appreciation and the negative cash flow doesn't bother them. 

Kiavi’s fees feel pretty steep, and the process has been slow, but I also know there’s a chance I could end up in the same situation elsewhere.

You can take a deep look at the deals and get an idea of the kind of variety you'll see and come up with your own due diligence method (that meets your unique situation).

Regardless of legal nuances, I can tell you from extensive professional experience: Don will WIN an IRS audit for his Subject-to interest, as long as he can show that he made the payments..I agree and my experience is, that the person who can show he made the payments gets the tax write offs.I think there are two questions: 1. who pays the payments and gets the write offs (the audit side)2. who is in deep doodoo if payment doesn't get done or if the seller disputes other "facts" in the transaction.