I would not try and play in the gray on this one - keeo your marketing out of those areas.

 @Drew Sygityes it only applies to owner occupied properties regarding penalties, that is not 100% correct, there are fdcpa violations as well as potential state law penalties that can come into play that can be very significant. 

You don't want to play a plumber so that your guests can have water?

if all properties you see are below market rents, than I don't think they are really below market, typically.Beyond the cost of vacancy, renovation budgets, etc that come into play.  

GP is more important in many instances than the property and that is playing out big time right now.

And in part, it depends on the investors and capital that you have access to (this tends to play a factor in many decisions when raising outside capital).If you do want to go the fund route, you might want to consider using Avestor. 

Since COVID, the demand for cash actually increased, so this is a recession resistant play.

Not sure if you’re closer to Randolph, Lackland or Ft Sam Houston but this also plays into account on what rental amount you should look to achieve.

Role-playing.     . you paid $300k 10 years ago, it’s worth $660k, (so when you sell you net $600k to make math easy.)and your cpa determined that you owned zero land, so it’s all depreciatable. you owe 15% on the $300k gain plus 25% tax on $109k depreciation recapture, so you owe $70k in federal taxes, then California reaches out for another $30k?  

PG's are worthless those that have PGs that are worth anything dont need gap funding they have the cash.this is a play for folks you know well .. not for internet facebook BP etc.. people that do this do it because they know you like you trust you and think your a good operator.Public has to many other choices that are much safer bet.. its not always about ROI with those with money..