- 9% preferred is good, better than the standard 8%-60/40 split after 16% IRR is not good, there are deals with better splits- Generic value add play, invest in units....raise rents....sell at higher price due to increase NOI- I dont like the short 2 year hold but some would love it- I think the fees are high, but not unreasonable.   

When you dealing with really motivated sellers, you don't play your cards right and they can lose everything.

I'm wondering if there are any meetings on the weekends in the Tucson area, any time works, so I can meet, discuss, pick some brains and maybe play this cashflow game I've heard so much about.

Being relatively new to landlording, would you work with him, or do you think he's playing games?

Prices are a major limit in that market everything is high since demand is there.

It kept going on and off of the auction site saying under contract and I didn't want to play with them so I just waited to see if it would sell. 

I do appreciate and believe in an equity play, but I would still want to break even with cash flow.

If the contractor is in such dire financial straights to be playing Ponzi games, no matter how 'great' they were in the past, you don't want to be the guy holding the bag.

High demand, little supply of available property for us to build on, and a permitting process that was to time consuming. 

I've seen a VERY large demand in smaller warehouses (5,000 - 10,000 sq ft).