For the right people (landlord who wants hands-free ownership but achieve higher than normal LTR rate, and arbitrager who has the skills and extra bandwidth, AND has confidence in their own ability), I think this kind of arbitrage model is a win-win. 

I have found that their ARVs are unrealistically high, but their repair estimates seem reasonable.Their business model is identical to another Texas based company, so one of the companies is just copying the other...

My investment model is buy and hold. 

That can largely be avoided by planning ahead to keep it separate as possible,  and submeter or mitigate in other ways when not possible;  like apparently these days you can get programmable thermostats with a 'administrator' mode that will allow you to set a maximum temperature in case you end up sharing with a resident who likes to keep the house at 80 degrees with electric baseboard heat.   

And something like that may be more the niche I would consider investing with them in.But in no way do I believe hat their model is going to be anywhere near as profitable as being a more direct investor in real estate would be (i.e. buy and hold or flipping, SFH or MFH).At the end of the day, they're basically like having a stock broker finding their members or clients real estate deals (mcuh the same way a stock broker finds/recommends stocks).

Take action my friend, when I first heard about the whole real estate journey I did find myself getting stuck in research mode wanting to know the answers to everything.

The fees are accounted for in the model I posted.

Now is a perfect time for you to remain unencumbered and in research mode.

If you’re in scaling mode rent increases are the best way to boost value, refi and scale/stack.

That said,  now that we have been in 'housing crisis' mode for a few more years,  and more construction and architect types are available due to economic slowdown,   it might be worth revisiting.