@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

I'm filling it out and trying to get my tenant to complete her application and trying to push her to comply.

Hopefully those that stayed on the sideline until the 'time is right' will start underwriting specific deals and recognizing path of progress opportunities that offer multiple operational and exit strategies.  

@Sean Doyle - Toledo is the only city I operate in.

Sounds he’s not interested in going through the rent up stage and being an operator.

Lee runs a first class operation.

I started operating the property in mid-2023.

There are more passive ways to invest in real estate than "turn-key" real estate and achieve those types of returns, but you will need vet the operators and get educated before jumping in.

You then take the cash-out and buy 1-3 more properties and get them operational.

@Marcus Stokes, house flipping is a full-time business operation, even with current market conditions.