We are always concerned with ‘risk adjusted’ return, rather than pure LOI.  

I agree that it is purely a preference.

Typically, many people would pick a lender purely based on rates and pricing.

@Kim Harlow-WilliamsThere will be other factors to consider where to invest besides pure math calculations. 

I am well aware that nobody who bought into this was thinking in purely analytical terms when they bought it -- there was a national media figure freshly retired from a network a lot of people trust at the head of it, waving them in.

Lot of accredited investors these days are moving from pure 100% equity deals to 100% debt investment, it makes sense as 8% IRR vs 12% IRR  vs 5% IRR from CD is not much different.I am investing to debt also but very small, but I am no longer interested in collecting small cash flow, I am working to make investment above 25-30% IRR only by own own very active real estate business.

Hi BP friends,I recently have been looking at STRs near National Parks, and I wonder whether it is a pure cashflow play, or a combination of cashflow + appreciation play?

As a pure investment it looks okay, but with a primary residence for my family thrown in at zero additional cost, it looks really really great.  

I do these purely as investments and would collaborate with others to discuss challenges with finance and ground up construction.

:- No, just pure linear growth of +$25/mo applied to the wrong $/sf (95111 is ~$700/sf currently, not $900/sf+).