They are in areas with rent caps and therefore under market value.You asked what happens if the rent is not sustainable. 

Appreciate you bringing up this topic for discussion but I don't see this as a sustainable model with growth potential.

Fourth, I noticed in your link to recent KingCo TDR sales, http://www.kingcounty.gov/environment/stewardship/sustainable-building/transfer-development-rights/market-info/sales-data.aspx, that in the recent sales, comparable credit types are selling for a standard price, $24,600 per TDR for rural/agriculture, $22,660 for rural/forest.

I suspect that would be cause for some serious litigation if the borrower sustains a financial loss.

Investigate many tactics until you discover one that resonates to you. 

Also practically, building a sustainable active income through the sales business will get very far.

If our borders were closed (as other countries) and we didn't give aid to other countries, America could EASILY sustain ourselves and a very high standard of living.

That's view from our side.Also arrived.com 5% IRR doesn't resonate with 30% IRR if people invest into Industrial Syndication.However, I would not surprise if Amazon/Arrived enhance the same models, lets say they purchase the house with cash and they do in-house refinancing, so we receive the equity portion AND also the debt portion, then the yield would be different, and since it's backed by actual Class B house in good location, that could create some opportunity.I could participate in both equity and debt.

Jersey City is a great market with high loan limits for FHA, sustained growth and a large rental pool.

Many seasoned investors started right where you are now, and with the kind of clarity and enthusiasm you bring, you're on the right path.I resonate with your approach a lot.