This was the sad part as they made the assets look so scarce and promised that investors could sell back tokens to them at anytime in the future. 

Read as many RE books as you can get your hands on.

Most of the return comes after stabilization, re-finance, or sale. 

@Evan Polaski I asked for projections VS actuals and got a break down of the last 5 deals the operator completed but anybody could just write that on a spreadsheet and paste it, how would i verify?

If it’s worth it as a long-term rental or there’s good appreciation in neighborhood, may be worth the risk of moving forward with back-up plan to sell or long-term rental if HOA restricts ADU or STR in future.

The write up sounds good but it needs a ton of work.

Fortunately, you are in the right place to connect with some investor friendly RE pros!

Otherwise, you can re-stain them with a close enough color to minimize the amount of rework.

@Alex Larcheveque I've been a RE developer for 17 years and a lot of my career was in CA and a ton of work in LA City/LA County.

I will be the first to share I understand the value in being able to recycle capital through refinances to grow a portfolio but this should not be done at the expense of other fundamentals that are more telling of the properties current and future economic performance.