@Deirdre Lizio see a lot of competiting PMCs start with a pledge of doing it better than "what's out there".Always interesting to revisit them 3-5 years later - after they've experienced the reality of challenging tenants AND owners.Look no further than Evernest: they started out with flat fee management at $99/month and promises of better & fairer service & pricing.Now they're at 10%, capped at $199/month - wonder what changed?

I doubt if anyone is saying it's impossible for it to work but I feel it's difficult.

The rate will also be higher so it makes it more difficult to hit the DSCR 1.2 or 1.25 ratio.

I don't know how difficult of a task this would be, but suspect it would make for better quality forum content. 

Because of the nature of a tax lien, it would be difficult to obtain financing from a commercial lender secured by the tax lien itself.  

No vacancies when I took over and at a 9.2% CAP.

Yes, the more units you go up, generally the less players in the game so there is some advantage in purchase competition as you go up, but also more management scale and cap ex for someone who is new.3.

I would just be careful hopping back in now as interest rates and low inventory are making it very difficult if you aren't finding your own off-market options to buy.

Bryan: California is a difficult place to learn, because everything is so pricy.  

Would you be willing to describe a bit more about how you determined your utility caps?