I'm interested in using it for inspiration if you don't mind.

But I personally feel it's not a huge proportion of the cap rate - my guess would be that a much higher proportion of cap rates (a much bigger component of the overall cap rate) is due to the illiquidity of real estate.As far as the fluctuating nature of cap rates from year to year though, I do feel that's mainly due to market supply and demand, since the risk premium and illiquidity premium are basically baked in and don't change; it was just as inconvenient to lock your money up with a long term mortgage/property ten years ago, and just as much hassle to deal with tenants (directly or indirectly, via property management delegation) as it is today.There are lots of Wall Street inspired/funded studies that research these somewhat theoretical questions.

Like you, I was also inspired by many others here to share my experiences here: https://www.biggerpockets.com/forums/92/topics/552...While I didn't fly out to Indy yet, I did hire an inspector to do a simple walkthrough. 

Your post to me actually inspired me to finally reach out to them so thanks...

Very inspiring to hear that.

You are an inspiration!

@Dan HeuscheleSuch a great, inspiring story.

Just amazes me how the community really inspires each other.Focus on Ms.

Thank you for the inspiration!

My current STR properties are modern and highly curated, so I’m looking to replicate this type of aesthetic with my next project:Vista Luna SonomaHygge Haus SonomaThe Gaines are indeed an inspiration for setting the standard (as is Live Oak Lake - they’ve done a wonderful job).