Any good commercial broker is going to trim the expenses down by 10-20% from what they will be for me when I operate the deal. 

If a warranty deed has been filed or even a memorandum of sale or a lis pendens, it makes getting clear title virtually impossible without the co-operation of the one who filed or having assistance from an attorney and maybe a long, costly, lawsuit. 

There is a lot of inventory in Jersey City, so compared to the rest of the state, there are opportunities there for good STR operators.

Lenders see all, including how little margin some flippers are operating on.  

I know if I were to send an operating agreement to a lender that reads "LP member will receive return of their capital and 20% annualized return" they would not approve the loan.

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

Alt lenders will normally be higher on fees, rate and perhaps leverage at time of close but that's not always indicative of cash required to operate. 

If anything this is more of a fly-by night operators vs seasoned operators argument.

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

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