I've not invested with 5S so I can't comment on their product and management specifically but I can say for build to rent, if you’re considering this, ask yourself: Does this fit your investment strategy and comfort level?

As the legally required small print in the offering of financial products reads: "Past performance is no guarantee of future performance".

Scott's book on estimating rehab costs, it's a must read in this area: https://store.biggerpockets.com/products/the-book-on-estimat...In addition to that, I would check out my article on due diligence.

https://store.biggerpockets.com/products/start-with-strategy?

So will see how that all shakes out for PDX. really the affordable is in Townhouse production by the large production builders thats about as good as it gets..

More than likely, the loan officer on your file either A) didnt know their own product very well, or B) glossed over this aspect in order to get the loan to closed due to a lack of integrity. 

The E-Myth by Michael Gerber- Start and operate your business with the consumer in mind... not you... not your product or service.

The more experienced ones know how to drag out the eviction process and milk the landlord for tens of thousands or even extort you to pay them to move out.

Or you’re not budgeting for a great product and will be obsceleted in the near future.My team provides all the above without hefty consultation fees like many STR experts/gurus do.  

For acquisition, I use my local hard money lender that holds the best loan product with a 100% purchase/100% rehab hard money loan!