Sometimes I am honestly skeptical how some people scale to 100 units in three years unless they have a lot of liquid cash to spread around. 

What spread are you looking to get? 

With a longer relationship with a property owner, those costs can be effectively spread out over more months, though still due up front, of course. 

Once I had a few in mind and was working with a realtor that understood my target market, we could narrow down my search results. 

. - Concentrated investment thesis and focus: I am paying a sponsor high fees relative to a REIT for concentrated expertise in a narrow niche.

Maybe renovation costs get blundered so the spread is too weak, but the appreciation and refi potential is there.

For a lot of things you can just look up material costs and assume the same for labor. 50% material and 50% labor holds roughly true for the entire project, at least for me here in Milwaukee, your labor cost will probably be higher in the Bay Area.100-125k spread would be tight, even for me here in Milwaukee.

Looking to get some feedback on the quality of the course curriculum.I see he’s a renowned and respectable individual in the industry, With so many courses and programs out there, im looking to Narrow it down to a handful of people to learn from.Joe has caught my attention because his implementation of BRRRR and section 8 investing is simply genius.Any feedback would be much appreciated!

One thought if Scottsdale still owned the notes was, see if we can buy them at a discount and make a spread on re-selling them, but having seen that interview, you're probably correct that they had already sold them on anyways, keeping that spread themselves (which never got back to investors!

I'd suggest narrowing down to a few markets to explore, then reaching out to investors in those markets versus throwing a wide net.Cheers!