Just speaking from a personal standpoint, I wouldn't necessarily move forward with the,m but also, there are other factors to take into consideration; if they're really strong applicants and dog breeding is just another revenue stream for them, turn to the lease conditions/terms.

It is not great as a place to learn from successful RE investors.Wednesday: Meetup: Apartment Investor Mastery (Multifamily networking and education), Meetup: Passive cash flow (How to invest in 2020)Thursday: Meetup: Commercial REI Breakfast (Using virtual assistants to build a stream of off-market deals). 

So my understanding is correct:The figure represents how productive the property is relative to its value.The three figures (NOI, value and CR) seem to flow in a circleRental demand drives rent priceThe expected income stream from that will determine what investors will pay for a propertyIf these two factors are fairly uniform in a given market, would cap rates vary that much?

Those turn into income streams and then more is applied and so forth.

but just guessing he is tired of it or would like a different income stream.

I like to carry paper and get the stream of interest income, it seems like you end up selling the same property over again as people stop paying, not good for them, I always try do do everything possible so they do not loose it if they get behind, not like some of the banks I know.

If you are looking for another stream of revenue by managing agents I would think you could start your own...I have been involved in a RE brokerage franchise and there were some benefits but depending on your goals I would think you could set up your own if you know how to run a business and have a good reviewing broker in place?  

So, regardless of how you decide to calculate your offer, the market value of the property is estimated based on comps (not from the income stream).  

I think that's why they struggle on the equity side and have better success on the debt side.Not to mention that most established investment sponsors have a fairly robust base of investors, and if they are doing their job well, a steady stream of new investors coming in from word of mouth and referrals. 

I'm trying to minimize clutter and maximize passive stream-lined income.