Based on the historical data we've reviewed, they tend to hold their value very well (or much less loss than others), then tend to be the quickest to recover and go up from there (this has happened through multiple cycles).

The cycle takes time.

@Kyle ScelzaBefore you go outside your circle many investors will want to see a track record of full cycle deals.

You do not want to be overleveraged in this part of the cycle. 

I would say many loans are paid back well ahead of time - which is something I like because I feel like I'm constantly cycling through capital.

When we do partner with another firm we remain active asset managers and partners throughout the life cycle of the deal.My point is there are legal ways to do what you want to do but you just need to structure yourself the the right way in consultation with your SEC attorney. 

During the next cycle I'll be focusing on purchasing ]apartment complexes.

@Pat L. unfortunately the underwriting cycle you describe is all too common. 

We provide the service free to the company as a perk for health & wellness and then employees can buy our virtual membership of 100’s of hours of live stream OR on-demand fitness options ranging from cycle, HIIT, barre, dance, and more!

Expansion and contraction of the STR business is a normal ebb and flow, and not unlike the business cycles of most industries.