I am far from an expert in this field as I have been learning alot myself but cap rate does play a role in your type of business.

Let’s be honest, I’ve watched folks who jump into this game as if playing roulette.. firing off offers on duplexes in Phoenix or leaning on some “sure-thing” house hack in Austin without ever sketching out their plan.

I see it as most people are so wore out from being at the parks all they that they pass out and get up early to do it again.I don't even turn on the TV when I'm there.Kids have tablets to watch their stuff and play games on.

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..

They are great as appreciation plays but that's not what most investors are looking for.C/C+ is where you're going to cash flow...

I love the Smokies as a long-term play.

That is the difference.The convertible equity play is just garbage.  

If you’re looking to build long term wealth, accumulate assets, take advantage of tax code, and benefit from appreciation, then play the appreciation long game.

As it is when money is at play.

And the reason why your "tale of two halves" will play out as you described.Demand:  This has actually been high almost all along, but rent growth hasn't materialized in response due to high levels of new supply.