@Phillip Austin feel your pain!

Heads in beds means more revenue.

You and the other posters here have been generous in indulging me in this exercise of considering this "partnership" / BRRRR, but demonstrating that we can invest successfully on our own power before seeking out partners is not only my strong preference but just sound business logic.As a new investor my head starts to spin when I start to think about investing, and the many gaps in my knowledge reveal themselves: how to structure a partnership? 

They have perfected putting their head into the sand post cards are tossed, phone calls hung up on. 

Others have hit it on the head.

.: I can't wrap my head around it either, but if I had to guess, they're definitely making some money off those crazy high appraisal fees and credit check fees.

At least 20 times a week I am shaking my head and at a loss for some of the stuff we deal with regarding guests. 

You can surely buy cheaper properties and obtain the same debt pay-down, but now you've got 5x the head-ache, so right asset class is more about efficiency when it comes to debt pay-down.Tax shielding is similar concept in that more expensive properties directionally give you more building basis to depreciate, which means less net income to tax.

I'm more just tossing the idea around in my head should things get worse in years to come.

Quote from @Phillip Austin: I used Obligo for several years.