The gotcha, at least in my case, has been the local presence component.

The other nice thing about it is I control what they initial as well, which means I can enforce them to initial next to some of the key components in the rental agreement - such as issues concerning the indoor pools.  

Pre-Payment Penalty: If they have one, is it a flat penalty or does it have step down component like 6% of loan amount if paid off in year 1 / 5% if paid off in year 2 / 4% if paid off in year 3 / 3% if paid off in year 4 or is there a loan yield maintenance fee if paid off earlyUse of Funds: What are the funds being used for?

These start from limited service hotels with no food and beverage components outside of your complementary breakfast. 

I also value the risk component at tenant, capex stuff.

Question; are you able to expand on the liability component?

The problem with looking at Case-Shiller as a stand alone valuation of housing is that it only measures one component of RE as an investment- value.

Except if the partner is limited or the functional equivalent of an LP, the SE tax component may be avoided.

Quote from @Ron Brady: Welcome to a nice component of real estate.

Your website is such a huge component to this.