On the surface, this sounds like a sketchy idea.

If you'd be willing to answer some surface questions about yourself and what the deals would look like, I could get you an idea. 

NO skin in the game for the sponsor?

But you note that Blackstone is a major investor in Austin, so the contrarian point is to NOT invest in Austin.I have no skin in the game either way.  

On the surface, the answer is obviously yes. 

For rentals I typically prefer going with LVP flooring, affordable cabinets etc. but one thing I like to spend $ on is countertop as its used often so I will go with an affordable solid surface top. 

However I would not consider them to be truly passive because they do not put any skin into the game like a good passive investment does (via a sizable coinvestment).

Most of the ones we won worked out ok, but one wreaked so badly of cat urine even after stripping out all the soft surfaces we cut our losses and sold it to a handyman unfinished who wanted to live in it and refinish it himself.  

Now that I have skin in the game, I'm definitely feeling the policy decisions impact me more so than ever. 

This helps address any issues immediately and keeps operations running smoothly.3) Attention to Detail: Beyond just surface cleaning, I look for cleaners who pay attention to the small details—things like checking for missing items, making sure coffee maker is clean, ensuring all amenities are stocked, and noticing any maintenance issues that might need attention.