Seems like you just totally ignore my post.

Is there a limit or target for what I should consider in terms of total return or cash on cash return for this strategy?

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Here's a breakdown of the situation:Current Occupancy: 80% (16/20 units occupied).Current Gross Rent Roll: $14,265/month.Market Rent Potential: $17,665/month (100% occupancy).Renovation Needs: 15 units require full renovation ($10K/unit), 4 units are 75% renovated ($2.5K/unit), totaling $160K in renovation costs.Vacancy Loss: $41,820/year in lost income due to current vacancies.Cap Rate AnalysisThe seller lists the cap rate as 9.59%, but this is based on the projected NOI of $119,858 (assuming full occupancy and market rents).

And while yes, no one has the same pricing (combination of factors), I also continue to check on a regular basis our rankings and how we "present" on total costs per stay vs. our competitors.My gut says there is price creep and we might have a ways to go before the market really corrects.

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

$7,500 invested in the market at 8% return over 3 years is close to $9,500 in total. 

He runs the Boutique Hotel Conference and puts out a lot of content on hotels.

We bought it in cash with 9 investors for a total of 970k contributed.  

You can also see total loan exposure, every loan ever pulled, every property ever owed, every co-signing partner from every project, permits, etc...