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.

I think the bottom line is that he played fast and loose with our 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...

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

There is not a lot of data for MTR comps so I look on FF to see how many MTRs are in my area and what the rate is, and I play around with AirBnb to see what  a monthly stay would cost.

I will also need cash to continue marketing campaigns, Very cash intense for equity.

These are big money plays life changing profits but RISK you bet..

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. 

I also understand accounting and legality may play a role.

I just hope that there's a way to enforce compliance more strictly.As is, the playing field is uneven.