@James Masotti   pref at 8 t o 10  with IRR 20 plus... and if your buying SFR rentals 20 plus IRR over a 5 year hold is almost impossible.I don't see SFR's as a great investment vehicle for larger partnerships UNLESS the operator is buying at court house steps or other Highly distressed RE and they are coming into the product UNDER current market value by a nice chunk...

Zillow is a product to attract real estate agents' marketing dollars, not a replacement for up-to-date real estate market information.  

The end product is Landlord =Loser.

. $5,356 / $68k = 7.9% yield on costsIf cap rates on similar product in the area are equal to your yield then you didn't create any value for the effort and risk it took to develop from ground up.

@Steve Walczak - you're in New York - are you aware of products/programs that make sense here?

You will need a lender with a portfolio product for this type of loan or reach out to a broker who is approved with multiple lenders

@William ChrismanThat's hard to say, it really is location and product type specific.

The Eastman product is similiar.

Say they got a listing, move that product.

If it is set up that the client receives membership interest or shares in an entity that owns real estate then that would not qualify.The exception (sort of) to this are specifically syndicated products that are sold as securities and set up so that client does receive a tenant in common interest in the underlying real estate asset.