The return on equity (ROE) is 9.5%, which is about the same as historical stock marketreturns.

Just remember real estate the last five years was an anomaly and it usually takes 5+ years of hold time before you could walk away with profits from a home - which last few years made people think that holding real estate for short periods is profitable - historically it’s not

I'll address your second paragraph with where you are talking about a 10+ unit building. 20% has historically been a minimum down payment (I'm saying minimum...it might be more down from lender to lender) on commercial property.

Historically, members had to file, manage, record, and report each LLC separately which meant more paperwork, more cataloging, more expense, and more reporting.

For AirBnB, it really depends but I would lean towards "No".44120 could either be near Shaker Blvd, Van Aken, and Chagrin Blvd.The Shaker Blvd is made of historical homes (1920s). 

Ultimately, financing is based on realistic historic numbers and bank use historic numbers as well so proforma numbers are relatively useless when trying to do a valuation.

Depending on which code is being enforced at your location, the balusters may have to be placed close enough to one another to prevent a 4" ball from passing between them.Of course, if your building is historically recognized, that may change the discussion completely.

I think even the s&p with its historical ~10% return and with recent returns much higher than 10% is likely to produce a better return than current rates. 

Contrary to popular opinion, I don't see us going back to yesterday's rate environment, and I'm not anticipating being able to obtain investment property financing at sub 6% at any time in the near future without heavy buydowns. 5-7% is the historical norm for mortgage rates - it's not like 7% for an investment property is outrageous or shocking, and this is the ballpark I use to underwrite my deals. 

Brand new construction with traditional boveda ceilings, professionally designed and decorated, 100% turnkey for second home or Airbnb. 25 minute walk to the historic center and in gated community. $200,000 USD