You want to make sure that the developer can perform and that the type of development proposed is needed in the market and that the neighbors don't oppose the project.

I have opportunity to buy a small portfolio of performing commercial notes with LTV's less than 50%.  

So there it is, no exercising eminent domain for a quarter trillion dollars.

but with that said, it seems like you're assuming OP will be able to have a high performing / top performing STR (which i think we would all agree would beat unleveraged market returns.) 

I'm looking to categorize my buyers and blast out a text message to specific groups whenever I get a property that fits their criteria.I'm sure services like this exist out there but I'm looking for the most cost effective one and I'd rather hear the best from you guys rather than from the salesman pitching their product.Does anyone use a platform like this and how does it perform for you?

Look at the amenities offered by top-performing properties in your area and aim to meet or exceed their offerings.  

Come to think of it, though, I can't imagine why they wouldn't let me perform one just to understand how much I can offer.  

That clause avoided a lot of headaches when the seller eventually exercised their option.Seattle permitting can really be a curveball.

There is a lot of public info out there on their funds and how they are (not) performing.  

A smart seller/listing agent will likely require a large EMD to tie you to performing on your offer, so be prepared for that.