Those folks run a sophisticated operation, and if we don't keep up with their level of sophistication (and exceed their customer service) we would lose business to other investment classes that treat their investors better.Perhaps it could be said that the competitor to TK firms is buying homes directly, and that competition lacks sophistication--thus the hurdle is just above that level and anything above that is good enough. 

And, based on those perceptions, I would suggest you lean more to buying something essentially "ready to rent" rather needing serious work. 

I think realtors have to become more sophisticated as the value proposition gets challenged, but it’s harder to automate these transactions given the nature of the business and asset.

This prevents sophisticated professional tenants from filing an appeal to buy another free month.

The perception is the deals are not there and that is true.....sort of.

As you scale out and become more sophisticated I could see how it would be ideal .

Net Worth and Income have no causal relationship to Investment sophistication.

Yes I get the whole "dark art" perception that comes with the 1031 exchange. 

As you get more sophisticated you can set up proper LLCs and other entities with the help of a lawyer.

You will need to do a 506(c) if you wish to advertise and that is accredited onlyYou can do a 506(b) which allows non accredited but sophisticated but you cannot advertisePublishing info requesting people to fund a deal is not recommended since it violated sec regulations (note I am not an attorney)