I did imply the buying pool is smaller than for SFH. 

@Sean Haberman, the easement implies a beneficial interest in the land. 

FRL would imply that portions of (9/10ths?) 

A good Personal Trainer can help a lot.

Training beginners that no trainer can really vette is going to lead to a lot of very bad outcomes for sellers.

Implying that an individual can become expert and easily operate in multiple states4.

This implies that there is an option period - isn't there?

You're implying that I somehow hid the fact that there is a vacant unit from you.

His reasons were: a) he can borrow capital improvement budget, thereby not diluting LP returns and b) he could not underwrite yield maintenance.He continued to imply that his business model will remain short term holds (under 5 years) so this debt works for him and is better than fixed rate.My question to this community: would you still be willing to invest with an operator taking out floating rate debt in today's world?

Which partially implies that I should expect plugged drains, etc. to continue throughout.