That's a standard arrangement for lenders who have volume.Gotta understand that most of the title plants are locally owned businesses.

Leigh, what % of the months are your properties occupied, and what seasons suffer (if any).

As for your deal, really to hard to say I need more info on expense etc, but based on the numbers you shared I would definitely consider an offer, but just because others are does not mean you should, have your number and stick to it, don't get caught up in angst to get first deal you or you most likely will suffer a setback and may be keep from moving forward in this industry. 

Also take into consideration that in California, if you lend your money out over 10% without using a Broker, you could suffer usury laws...

(Stop laughing with the visual I just planted in your head)

. -  I would definitely say to first just plant the seed, which it seems that you have done. 

If you buy where there is less future value, then over time your cost of opportunity goes up.That's the lesson that Marshall had learned in his 2007 Coop Purchase and had corrected with his 2013 Windsor Terrace Purchase.You will have to do enough research to know if you are going to suffer too high a cost of opportunity in the next 10 years.BTW, I also have a cost of opportunity since I didn't invest in Williamsburg.

People painting and planting flowers tend to want to stay long term.

If we see another downturn, these markets won't suffer much either. 

However, buying in a personal name can also provide some liability protection(contact a lawyer on what they are) if you have insurance.3) if you guys plant to acquire the properties using financing - You guys should communicate with multiple lenders and tell them your situation and see if they will lend to you.