I can see new entities being formed, new businesses, pooled investor players acting individually and staying within the guidelines.

Doug, while I agree the market has many new players coming and some going, I would argue this pricing frankly is not new or of a higher level.

You have to find out where the big players are playing and ride the wave.

After all, the industry niche requiring the least amount of experience, capital or assumption of risk would naturally tend to attract the lowest quality players, right?

But I do think Evolve and Vacasa are the largest players in the space for a reason, it's just not for everyone.

This lending/borrowing on notes by small dealers often gets into fractionalized interests as they can't raise capital from one player.

My understanding from talking to some people at the local REIAs is that there are 4 or 5 main players who buy most of the "deals" from the auctions. 

Here are the players and what they bring to the table. 

If you want to run your own deals, I would recommend calling on at least 10 banks that are actual players in the area you want to buy in, be open and honest about what your plans are and ask what it would take to get into a deal.

It takes a group of investors to be a bigger player then the individual investor.