Ask discovery questions, genuinely care about the answers, and seek to find a solution that falls in line with what is important to the owner.Aim to first establish trust with the owner.

There are banks out there that offer lines of credit for GP stakes, which many established syndicators utilize and draw on to potentially fund their follow-on offerings.  

Give up a bit of projected return for an established operator.  

Thats not a wise gamble in most cases if there is a market change for any unknown range of factors.

Being new to the LA market, I'm looking to partner with someone who has established relationships with local contractors and/or experience with creative financing.

I would wait a while to get them at a discount but with condos, it always feels like a gamble because of future assessments, fee increases and difficulty getting a tenant approved in a timely manner.

Being consistent is essential for establishing a successful thought leadership empire.

An LLC can help protect your personal assets by limiting liability, and it also allows you to establish business credit early, which can be useful as you scale your portfolio.

Establish a solid reserve fund (3-6 months of rent) to cover unexpected expenses or vacancies, which are inevitable over time.Make sure you're well-versed in local landlord-tenant laws to avoid legal complications.

The small market size and relationship-based transactions make it difficult for new or smaller players to participate, which aligns with the earlier observation about the lack of services for individual investors.Overall, this market seems to present challenges for growth or democratization, as its current structure favors established, well-connected players with significant capital.