The fund raised $200 million in short order with few sources of deal flow 5.

I have looked into the Pittsburgh market and have been there before, but just once for a short trip.

But your colleague may have been confused about Short Term Rentals (STR).

In the short term, it will be more painful though.Personally, I'm not a fan of enabling bad tenant behavior and in life you get what you tolerate.

;(- if as-is value is less then the balance on the mortgage + arears OOOPS you need to have the owner work with the bank, you as the investor buyer AND a short sales expert often an agent work the tedious and usually failing short sale process. 

While this is indirect, a less experienced sponsor is not going to be able to attract capital like a seasoned sponsor, regardless of securities being exempt or not.  

To throw a wrench into things, if we were talking about real property/structures that were being short term rented, it's possible/likely that your depreciation period would be 39 years, not 27.5.However, a vehicle - which is what an RV is, regardless of how you're using it - is 5 year property.

Especially if using the funds short term, there's not too much interest.

So, if your current rent roll is still on the lower side, it could limit the amount you can borrow right now.However, if you have even a partial track record showing improvements.. say a few of the units are already updated and attracting higher rents.. a lender might take that into consideration when underwriting.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).