Their ability to raise capital is typically much less constrained in that case.To the other syndicators, operators, fund managers, and capital raisers out there - what common misconceptions or areas for teaching do you run into with your investors? 

Does your clientele have the ability to pay more? 

If you have the ability to work remotely from anywhere there is some great markets in Central Florida where you can find multi-family opportunities.

The property manager will have a better read on ability to place tenants, do tenants tend to stick around long-term in the neighborhood based on type of property it is, rents (and future projections), structuring the lease, and executing the long-term strategy of maintaining the asset, etc.

Haven't seen it impact our ability to rent it out if the rest of the renovations are high end.

Any thoughts on ability to fight changes like this or are we stuck with the outcome?  

Im not quite sure how D4D can ever be outdated bc you should never assume seller thinking as to why they will or wont sell or their motivation or market knowledge.That comes down to youre ability to make a connection w seller and negotiate.

Chicago has a law that the landlord cannot deny the tenant the ability to sublet.

If you have the ability to self-educate and are pretty good at handling difficult situations, then I think you should give it a try.I do not recommend buying without a REALTOR.

Assuming there is no balloon, perhaps you could negotiate the ability to walk the 2nd on your primary to another property.