Detroit is appreciating rapidly, due to many factors, and it still cash flows or at least allows you to operate near break even.

Are you intentionally looking to outsource the management and day to day operations to a management company versus self-managing? 

It just might be a different strategy involved.Cash flows through refinance or sale or operating cash flow is the same in my book.  

A clear operating agreement from the start is key to keeping on the same page. 

In fact, there may be other home service opportunities with quicker growth potential worth considering.Additionally, be aware that in Texas you’ll need a broker’s license, not just a real estate license, to operate a property management business.

What if I'm the operator of the Fund?

My point is even some experienced operators doing more extensive/sophisticated value adds are struggling in this market. 

There are also additional costs of operating and maintaining an LLC, like separate bank accounts, annual report filings, tax filings, etc.2.

And we were operating at scale, so we had the luxury of riding a float for such.

This can be a great option if you don’t have the time or desire to deal with the day-to-day operations of managing a property.