Trustin your PM partner is important and they will follow your lead, so don't expect them to provide you with your business plan. 

Heck even culinarily the restaurants that are popping up are impressive (which I take as a great sign of the people and businesses that it's attracting). 

Colder climates see fewer moves in the winter, and things really slow down around Thanksgiving and Christmas when people are busy with the holidays and family.Second, talk to your PM.

That is tight leverage for an investment 2nd position loan.A private investor might be willing to do it, it's not going to be cheap at all & will be short-term money & will not be a line of credit to take out at your liking.What is your rate on the 1st?

We invest in every property type, in cities across the country, with different syndicators or private partners.

I'm going off the understanding that you still need to spend 500+ hours in the business to achieve material participation (please correct me if I'm wrong). 

If you're busy running a ranch and raising a family, you don't want calls at 11 pm to unclog a toilet.

@Khaled Seirafi what business would make the mistake of providing BAD references?

Your cleaners can make or break your business, and price isn't the only consideration. 

I knew I wanted to develop an empire, scale my business, and achieve 100,000 units.