I agree with @Brandon Rizzo I think the supply will normalize as the migration to Texas has not slowed down and as builders make correction to a more balanced supply and demand (along with interest rate improvement) housing market will be better.

This structure is more flexible for 1031 exchanges.To make 1031 exchanges easier in the future, consider moving to a more unified ownership structure.

You mention market appreciation is good for a $100k home - throw away the last four years and what was the appreciation from 2012-2019 - that is what you should be looking at.I saw this with people in shenandoah va raving about how appreciation is awsome etc (during covid) - of course it was everywhere was appreciating, but now that we are back to a more normal economy -- I would not look at the past few years appreciation and look back to prior to see if it truly is an appreciating area.

That meant having to do more work, but I think it will be a more profitable deal in the long term.

We’re considering painting it black to create contrast and a more modern look.

I discussed the impact of our beach STRs in San Diego (is there a more drive to destination with Los Angeles (12.6m), Tijuana (2.3m), Orange County (3.6m), San Diego (3.3m) all within a couple hour drive of our STRs?)

I've worked for several PM firms in the area and one company stole like 30k in commissions from me when I no longer wanted to work at their god awful company.I can definitely advise you on some property management companies to stay away from, as well as some new and upcoming property management companies in the area that are taking a more hands on and professional approach.  

To your point, yes the larger check writers want more of the upside, control and will also do a more thorough look at the sponsor to understand where the GP equity is coming from, who is guaranteeing the debt etc. etc. 

I would recommend focusing on markets/sub markets that will provide a more consistent return so take your time and be careful in the areas you're investing in.Personally I prefer the middle/southern part of the country because the price points are much lower and the laws are landlord friendly.

However, this model can be beneficial for folks wanting real estate exposure in a more passive manner.Thoughts?