@Greg Dickerson hit the nail on the head with respect to the fund of funds.To add to this, what I suggest is that you approach this issue from the soft side, which means building and maintaining strong relationships with your investors because, at the end of the day, they are your investors.

We both have lot of respect for each other. 

Yes, there are more steps to go through (often including sending in a W-9 tax form), but those steps are usually pretty straightforward.Additionally, most of the folks tasked with finding the housing for the company's VIPs are really appreciative of being treated well by a good property manager, so you can stand above the crowd by simply responding quickly and respectfully.

First off, major respect for transitioning from MLB to RE—it’s a whole new kind of game, right? 

Early on I interacted with a vendor that I highly respected, and everyone else did.

Respectfully,Zach Rumfield

I respect it, a lot of people buy in markets they are interested in so they can get some utilization out of the property too.  

I tried this approach by saying, "I respect that the seller wants to move the property because of the estate, but I know my offer is really low—so low that I don't want to disrespect the seller.

In particular, you need to identify what criteria is necessary to optimize ADR with respect to price.  

We absolutely respect this if it was for efficiency.