Same thing on house sales, more people & competition in the rental arena will move some of those people into the sales camp, again raising prices.

It wont happen overnight. 2.

We add them to the lease with an addendum and charge a $195 administrative fee for our trouble, which is less than they'd owe if we enforced our lease provision against overnight guests longer than 7 days without permission. 

There is a cost to that especially if you are staying over night, etc. 

Unfortunately we turn down many investors that come to us for various reasons.One of the big reasons is that if someone doesn't know what they want, I'm not the one to tell them what they should want.If I used such conversion tactics (Which I could easily do), would smell disaster long term IMO just like it did for many other overnight turnkey scammers promising 15%+ cap rates.It's not all about money/profit for us and it's also not all about baby-sitting incompetence either.We have enough "free" online marketing content where a half sophisticated investor can easily come to a conclusion about all of our offerings.Many try to side step the obvious and want more for themselves.Building a relationship in business but in life also shouldn't be about "take, take, take" or "me, me, me".It should be "give and receive"I bet that many folks can provide or offer some value in return from experience they gained from a W2 or in another way.Guess how many have offered something of value over my last 12 years of investing?

The impact of rates are usually not drastic over night-- H2 '22 showed otherwise-- but this duration of high(er) rates will have it's impact later.

Nonetheless, put me firmly in the multifamily camp.

All stomach issues disappeared overnight.

Interestingly, they've recently negotiated a re-purchase price with us IF we bring new funding to the table.The rehab is required for several reasons: (a) correct the damage the bank has allowed to happen to the property improvements these past few years (known problems include completely destroyed pool makeover; wild animals living inside the residence; flooring missing in sections of the rec center building; destruction of the decorative main entry gate mechanism; lots of dead landscaping; as well as latent defects not known to us such as working plumbing, HVAC & water services) AND (b) expansion & upgrading of the accommodations (converting the private residence to a 2-story lodge with the restaurant/bar, reception/check-in, movie room, public restrooms, gym/sauna/steam room/massage therapy room; enlarged pool & deck area with climate-controlled cover for year round use; conversion of former restaurant/bar building to a general store selling venue collectibles & wearables, selected pre-packaged foods, sundries, RV & camping items, bagged ice & a propane refill station; construction of a free-standing event center; free-standing cabins; enlarged & upgraded RV park with its own small restroom/coin-op laundry building; outdoor activity areas; new landscaping & fencing; new parking area & entry drives (personal car & RVs).We know our target audience having created and operated the former version of this resort for almost years creating an initial membership base numbering about 1,100. 

Many people try it and get bad education (which is often over priced) Think of it like any profession, it takes a lot of work and effort and you need a good mentor / teacher - it also doesn’t happen overnight.