In terms of finding a property that "works," I think you are absolutely right, there are probably better markets with more reliable cash flow.

and, with interest rates high, it's very, very difficult to cash flow right now in the short term. 

Multifamily real estate has traditionally been a stable asset class, and the Washington D.C. metro has traditionally been a stable market area, making the two together a good safe bet, especially for anyone with a long-term view of their investing strategy.

The two are almost entirely different markets in terms of price points, returns, tenant quality, and overall investing strategy.

Quote from @John Warren: @Mordechai Chaimovitz cap rates and NOI are commercial real estate terms, and 1-4 units are not really valued in the same way.

Commercial, in terms of CSLB is retail, offices etc.

Full Disclosure is Required for Non-Accredited InvestorsIf any non-accredited investors participate in your deal, you must provide them with detailed disclosure documents.The SEC states:“[The company] must give any non-accredited investors disclosure documents that generally contain the same type of information as provided in registered offerings.”This is where having a Private Placement Memorandum (PPM) and Subscription Agreement becomes absolutely necessary.A PPM outlines:✅ The risks of the investment✅ The structure of the deal✅ The terms and conditions✅ The use of fundsA Subscription Agreement ensures:✅ Investors acknowledge they understand the risks✅ They meet SEC requirements✅ They legally commit their capital🚨 Not providing these documents could leave you vulnerable to investor lawsuits.4.

Sometimes the long term capital gains are palatable and it may make sense for you to pay the tax rather than force a bad deal.

- Are there other lenders you’d recommend for refinancing rental properties that might have a smoother process or better terms?

Coastal cities might give you long-term appreciation, while places like Lakeland or Ocala can deliver better cash flow right away.