I'm curious as to what your occupancy rate is + margins are in areas that aren't the immediate central area(Think Pearl) or La Cantera area. 

The software interface isn't terribly efficient, but it performs its functions just fine)That said, I think there are some locks that have a wifi function and no fee, BUT they require interfacing with a smart hub - and the cost of setting that up combined with the amount of tech knowledge needed/potential for things to go wrong made me give them a pass.  

About half went into the down payment for the next house hack, correct with no HOA and used a little to upgrade some like adding central A/C.

Hello everyone,I am a seasoned property manager in Central Florida.

., you have a specific problem), phone or Zoom conversation is $200/hr, minimum 30 minutes.I do this because there are thousands of you in central Texas and one of me. 

Good GCs are a premium around Central IN for sure.....Its hard out here

They are definitely at a premium here in Central IN...

I've heard the rumblings of several states pushing for time limitations and out-right disregard for history but hadn't heard of anyone pulling the trigger (pun intended) quite yet.I would be happy to share our published rental application standards (defined for central Iowa, reviewed and approved by local real estate attornies) if anyone is in need.

Adam, if those were my only two options I would build the ADU.This is coming from someone down on the Central Coast that has 12-doors in Detroit... but I'm currently building an ADU & addition of 2,060 sq ft total at my primary residence.

I specifically want to expand on Chris's point by discussing capital risk buckets, which help set a target return range for IRR.At my company, they are as follows:Core: Lowest risk, Class A product, in Central Business Districts, ranging from 7-10%+ levered IRR (since you're in development, I assume this is most of the asset class you handle).Core Plus: Still low risk, strong location with potential upside, 10-13% levered IRR.Value Add: Medium-high risk, Class B+ or B-, mediocre to strong location with operational or physical upside, 13-15% levered IRR.Opportunistic: Highest risk, major upside potential, varying locations, 15-20% levered IRR.As for the GP/LP split on promoted interest, GPs can choose an aggressive split, but the decision should be strategic and consider the preferences and risk tolerances of potential investors.