Understanding borrower experienceRewards - being in first position you are in control of property in case of default.

To start, research local markets, and understand property taxes, rent control, and cash flow.

To answer your question, the advantage the GP has is control, and the ability to gain wealth from their equity position (hopefully not so much for asset management fees) by selling at a big gain.  

Learn how to control your personal finances.

It's a crock.You need to pay off all debt and get your finances under control.

You have control over it but it will be a lot more work.

But it wasn't until a pivotal moment that I realized the importance of taking control of my financial future.

If you really don't value your agent's ability and think you can do it better, it's likely best that you 1) interview more to find one that you do trust, 2) go through the listing agent, directly, if you're that comfortable with handling your side on your own, or 3) maybe get your license so you can control your side of negotiations with the proper tools needed (MLS access with agent info, showings, contracts, tax records, uploaded listing docs like surveys, disclosures, broker assistance for questions, etc.).

In CA currently only MF properties are rent controlled.  

Some sponsors are mitigating this risk by raising their own pref tranches from their own investor base, thereby giving them control over the terms.In a strong up market it’s likely that rent growth and strong demand will drive up income, thus driving up value, which supports the ability to take out the pref.