What about repairs, supplies, and other expenses?

In others experience is this return worth the risk given Multi-family environment ie supply, interest rates, project specific risks, illiquidity risk, and more specifically the Preferred Equity subordinated tranche risk (this sounds like just a Mezzanine loan without recourse).

I am curious about any potential barriers to look out for- timing, access/cost supplies, labor force?

@James Hamling thoughts on supply vs. demand and rate lock-in? 

Your returns in investing ultimately come from exchanging terminally abundant goods (fiat dollars, debt/future fiat dollars) for terminally scarce goods (high quality, supply constrained real estate).Selling to go into cash isn’t of interest unless I have a short term need for that cash or am funding another purchase.

Still need to clean it with regular household cleaning supplies, keep the dehumidifier running, and try to increase some air flow if possible. 

Demand will drop, supply will increase  and those that actually want to sell their house will ultimately have to lower their price - so the theory goes.  

There's a lot of demand and low supply for pet friendly.

We are in a supply shortage with high demand BUT there has been a lot of demand on the sideline waiting for rates to fall.

That is the sixth month in a row that the supply of homes for sale has increased.