I can refute your reputation, I can refute you who you fundraise from, I cannot refute a truly quality deal.

I will figure out what to do with it when I get to $20M, but it will probably just be finding new ways to improve built environment along with travelling more and spending more quality time with fam. 

------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I find pricing tools lumping me in with all 2/2 regardless of quality of finishes and location (I’m beachfront others are not).

Better to have your own property manager use trusted handymen to take care of the issues for long term/quality fixes. 

But there are also some real challenges, like dealing with lower tenant quality on average, the extra red tape, annual inspections, and the longer time it takes to get tenants placed compared to the open market.

Sponsor quality far surpasses the "deal", assuming a qualifying criteria for a "good sponsor" is that they don't buy crappy real estate deals to begin with.Having said that, if a great sponsor is offering a deal you don't like for some reason, don't invest in it--just wait for the next one. 

Never pay for work that hasn’t been done.3.Verify Work Regularly: Have an objective third party inspect the quality of the work weekly and provide updates.

They do have a review from a returning guest that mentions the quality went down when comparing their first stay to their second stay.

Whereas for me (at this stage of my investing career and my personal life) if a project is profitable and supports my ability to live somewhere with better cost of living and quality of life, the balance between the two can be just as valuable.