Quote from @Paul Azad: Real Estate math is annoyingly confusing as syndicators like to use all sorts of different numbers from MOICs to IRRs to AAR-average annual returns to anything else they can come up with to beneficially inflate their numbers for marketing purposes and to avoid the only metric used when investing in all other asset classes, the CAGR- compound annual growth rate, but it's easy to convert, like pounds to kilograms.Here you have 100% in 5 years or 20% AAR, or 2.0 MOIC, you take the MOIC or add 100 to the total return 100%+100% = 200% = 2.0, then you do an exponential equation (x to the Y) with x=2.0 and Y= 1/time in years, so 2 to the 0.2 which is 14.87% that's your CAGR {calculator will have an x to the y button for ease, 2 x/y .2}for example, sp500 just returned 254% over last 10 years, so add 100 so MOIC = 3.54, then to the 0.1 for 1/10 years and CAGR is 13.47%now you can compare returns from syndications to buying VOO or QQQ etc We had a third party track record verification report done and the company who does these (do them alot for mutual funds etc) was asking some of the most basic questions that I thought were no brainers - so I asked - "what are the other ways to calculate these things"?

Great question and you stirred up a lot of comments here.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.

I have had a few tenants sign up for these services but with our management software the companies just deposit the funds using their portal.

Quote from @Selina Gruden: Hi James,I came across your post and was curious—did you end up moving forward with short-term rentals in San Diego?

I have been talking with a few other real estate investors, some suggest to create a website to funnel potential tenants, setting up an automation phone line, and a callers list for screened tenants.currently have two rental properties.

I've remodeled dozens of houses and done a handful of ground-up construction and I'll give you some reassurance...

In my city, vacancy rates are hovering below 2%, rents are climbing, and every year thousands more people show up needing a place to live.

I've sat on city council meetings where a county will straight up say they can make changes to the laws, but they don't have the resources to actually enforce them.

Most folks start as leasing agents and work their way up from there.