Something tells me that it would be difficult for you to give someone a jump start, change a flat tire, encounter an intruder in you property, encounter a dead body in your property, encounter an overdosed person in your property, deal with escaped rattlesnakes, deal with prostitutes, etc. 

Are lenders going to care about amount of experience with this type of deal in terms of preparing a fleshed out model, or is it similar to retail in the sense that much of the process is managed?

But people who are getting it done don't need to drag along dead baggage.

My Cali Brothers and Sisters. . .Beware of the drab snow covered, no sun for freekin' ever midwest.I, born and raised in the city of the Angels, spent the better part of my medical career spanning Kansas, to Minnesota, to South Dakota, to Wisconsin and gud lordy Nebraska.There is a thing called seasonal affective disorder, which I thot was for sissies. . .. . .and realized that I am a big sissy when it comes to cabin fever and bone chilling cccold, and everything is DEAD until spring!

@Jay Hinrichs You're absolutely right about owning low end properties and have capital ready at all times for expenses: HVAC goes dead, vandalism, plumbing emergencies..etc.  

I'll fully admit that's a bias from owning some KC SFRs while living in CA, moving back to KC and firing the manager in order to keep better control of things (and I'm not one of those people who is dead set on self managing long term).  

You've received a ton of solid info so I wont beat a dead horse too much.

If you can beat this moving targets over a 10 plus time period then things are very good.I always liked the funny vernacular via traders, analysts... like the dead cat bounce...

You are dead wrong.

The work is tough and you need to be deadly accurate with your numbers.With all this said... my absolute best purchases have been zero caps at the time of acquisition.