I'd work on a strategy that returns my capital guaranteed. build to rent direct with ground up developer does this.

I have heard the 16% solution mentioned. 

That said, if you feel you want to go above and beyond, then could could try contacting some of these apartment complexes directly and confirm her story with them but if you can easily find another qualified applicant why would you take on this work and additional risk.

For example, in Dec I had one property 100% direct/VRBO which historically 40% Airbnb.

Hi everyone,I’m exploring a unique development opportunity involving my property and neighboring parcels, and I’d love some advice on how to move forward.My neighbor is currently in the process of building 54 townhomes on the property directly in front of mine.

Unless you are finding off-market opportunities direct to seller, I can't imagine the deals working on BRRRR.

If you're not sure of you preferred direction with your next property I would invest in understanding investing more thoroughly and read 5-10 books as well as speak to other experienced investors.

Lenders tend to have different requirements.... some look for a required minimum membership interest and others look solely at direct benefit the signer receives which could be membership interest, fee etc.

If we include investments in mortgage loans (trust deeds), real estate partnerships, REITs as well as direct property ownership, I’m at about 80%.  

Due to the confusion on their end and their slow response, it's costing me more money than if I just went directly with the vendor from the start.