Out of state and institutionally funded can be tough to close at times. 

Hi, this is definitely a great question for a lender/ professional financial institution advisor they will steer you in the right direction.

These strategies can also apply to foreign STRs if you meet material participation and substantial services criteria.

In this case, since the capital stack includes 70% debt, it's likely that some portion of the income generated by the preferred equity investment could be attributable to UDFI, potentially triggering UBIT.However, the preferred equity in your scenario may be treated differently from common equity, especially since there is no upside participation beyond the fixed return.

So, we may never be able to weed them all out from any of the industries where humans participate.

I think this is the gift and the curse of a still emerging asset class (short term rentals) - as it becomes more "institutional" i.e. more like commercial real estate with more sophisticated buyers then financials and systems for this will likely become more streamlined and stable, but we are still in a place where the buyer pools are more newish investors or typically residential basic investors, so not has experienced or sophisticated evaluating investments based on a detailed financial analysis like more seasoned commercial investors likely would.anyways, just a guess on what might be going on here

The next phase of my maturation cycle is gaining "on the job experience" in the form of GP participation before attempting to take down a deal by myself. 

The challenge when renting directly to the government is that they expect below market rents.From what I've read in the past, most institutional investors look at these leases like US Treasury Bonds (extremely low risk) and expect a similar rate of return as bonds.Keep this in mind while you try to negotiate a rent increase.

Hey Marc, When tracking your real estate activities for STR management, particularly to prove material participation, it’s important to clearly document each task you perform.

Not sure if anyone is aware of this, but Marco's partner and CFO, Ronald Fossum, was charged with fraud by the SEC fairly recently and barred from participating in any type of similar activity.