We actually CAN'T explain what we are seeing if we are operating on the "purely rational actor" hypothesis (as you implicitly observe), we MUST include highly irrational and emotional individuals to explain what we are seeing.- Investor uncertainty.

What would one of you suggest for a medium term operator whose tenants may be over using a specific utility like gas or electric.

Ive been using the same for many years now and its my foundation for operations, follow-up, workflow management and communications. 

This is anecdotal information based upon the interviews I’ve had with operators across the country.

The operations will make or break you. 

Must have Articles of Organization, EIN Letter, Operating Agreement. 3.

The truth is if your investors have no involvement in the operations, If they just put in money and expect to get a profit, you have created a de facto syndication.2) I see a ton of people who just raise money for the syndication. 

Front two units are full time STRs with a rear studio operating full time MTR. 

Depends on the operating agreement and docs you signed.

this works well if the tenant is a national user or multi unit operator who has built these buildings many times.