In the Commercial space, all parties are deemed sophisticated enough to look out after their own interests. 

The perception gap of what constitutes a qualified buyer from an actual qualified buyer is getting bigger.

This will tell you that agents like them because of prices, perception, etc and that PMs like them because of ease of rent, quality of tenant, etc. 

These types of deals will be difficult to pull, though, because they normally involve a higher degree of sophistication and commitment from a seller.

There will propabaly be investor qualifications (accredited or sophisticated) but it’s a great alternative that allows folks who want to get out of a participation (hands on) ownership role and 1031 up into a more risk averse large MF building while being hands off.The sponsor will take fees of course like a normal syndication (most likely) and the returns may be slightly less, but you should still share the appreciation rights and ultimately just continue to 1031 up and up.Happy to answer questions.  

One other wrinkle in this whole thing is that more sophisticated investors look not just at the cap rate they are buying at, but at what the cap rate will be once they have stabilized the property.

Its safe to say that the social stigma that marijuana is harmful is going away.Still, it still has the perception of attracting a bad bunch of people and still operates as a cash business.

Typically and underwriter will have an issue when someone makes a move from a a duplex to a triplex or a SFR to a multi as the perception is that you are doing it for investment purposes and thus the motivation does not jive with what FHA is used for. 

It is 100% about perception.

@Mark Danforth I think what confuses people about "AI" is when it failed to emerge certain people simply moved the goalposts and started calling expert systems and other sophisticated software "AI".