They painted the kitchen cabinets, replaced the sink/faucet and replaced the counter with granite.  

By "lowly sponsor" I'm envisioning someone with a couple hundred grand and experience who quits his/her job to raise $xmm and acquire a large 150+ multifamily property or something of similar scale in an alternative property type. 

I've read filing the exemption can be $10,000 and since this would be my first commercial deal (I'm planning on raising a couple hundred thousand dollars) the expense of filing is definitely a non-trivial sum...Any perspective would be greatly appreciated!

In my area there are literally hundreds of similar ads posted, as this is a highly competitive market!

It’s not worth the risk of a few hundred $ more a year.

New appliances, and painted kitchen cabinets.

We are probably talking hundreds of dollars of difference for a few of the small things...

If you're looking at 3bed/2bath single-family homes, AirDnA is not capable of comparing countertops, the view out the living room window, quality of landscaping, and a hundred other factors.

They use nicer quality premanufactured cabinets, granite, etc, but not like over the top.

Hi Semi,So it sounds like you're losing at least a few hundred dollars each month on this house.