They don't care if the tenant wins.And then you can look them in the eye and tell them that you both know the tenant is smoking pot. 

What caught my eye was how timeless your question is - high prices and tight cash flow are still big challenges here.

I've been eyeing land in Central and West Texas, and they occasionally have some interesting opportunities, but some of them seem too good to be true. 

To learn more about which one may be best for you, feel free to send me a private message.Old Town North: An Unused Eye Soar Transforming into a 2.5 Million Square Foot Community CenterThe GenOn coal power plant, which opened in 1949 and was shut down in 2012 due to concerns by residents about local pollution, has occupied an unused 20-acre lot in Old Town North for the last 12 years.

In my eyes, "heavy" competition is very subjective.

I've mainly had my eyes on the Northshore area as well Revere, Malden, Saugus, etc. 

Quote from @Chris Olandese: Hi everyone, I’m the latest starry-eyed rental owner in SE Wisconsin, nice to be here!

Basically, be willing to look at your listing through the eyes of your target avatar.

That kind of networking plus honest cash-flow analysis can open more doors than simply chasing rumored off-market listings.Interestingly, I recently saw a property here in Phoenix (ARMLS #6757476) that sold for around $450K in October 2021, then resold in December 2024 for $1.8 million.. that’s an eye-popping $1.35 million jump in just three years.

If syndicator is building reserves for the first year of ownership, for instance, and not paying distributions, AND recognizes rental profit, you will have a larger tax bill that year, since you "made money" in the IRS's eyes, even though you did not receive any cashflow from your syndicator.On a more general note, a preferred return does not mean you will get that amount of cash flow each year.