These lenders are more sophisticated in dealing with investors, as they've consciously decided to follow Fannie's 10-property limit, unlike most secondary market lenders that apply a 4-property limits.

Neither are wrong, but are very different.Many of our differences stem from what I see as your approach to note investing being slanted toward your type of operations and it seeming to be the "right way" as you have implied and in fact stated in the past as to you being the more "sophisticated investor(s)" as opposed to "street level" or "layman" investors with tones of being inferior in concept.Many of the approaches by institutional investors, who appease a pool of investors are not even applicable to the majority of individual note investors we have here, for example, the manager's rate of return is hardly applicable when that investor doesn't have overhead expenses, employees and investors, it's over kill and not appropriate.

In my view, smaller apartments are ripe for acquisition (i.e market inefficiencies, etc.) since fewer shrewd, sophisticated GPs are available to make offers. 

Their value is determined largely by comps not operations like commercial, they are expensive, they require an individual mortgage for each property you own, the buyers and sellers in that space are less sophisticated, etc. 

I have  4 LLCs for commercial assets, but dozens of houses over 20 years never saw the cost/benefit of doing secret quitclaim deeds after the fact to get conventional financing and risking my hazard and title insurance just to be 'sophisticated '. 

I've spoken to Joe several times at length regarding some very sophisticated real estate topics, not only a very knowledgeable guy but a really nice guy to boot. 

I have an interesting History.I started a Real Estate Education Business where I taught my own Real Estate Course based upon a solid foundation of Financial Calculations such as PV, FV, DCR, Amortization Tables, ROR, ROI, Cashflows, IRR, etc.The Year I started the Course was around 2005 or 2006 and I tried recruiting students from an REIA that was called "NYCCashflow".What I offered was to teach all the Math that was necessary to become a sophisticated Real Estate Investor.There were also 3 Levels to the Class and each level needed to have a Final Exam to move up.I only charged $20 per week, but you had to spend 3 hours for that single class per week for approximately 6 months because most Students, including most Investors, are really Financially Math Illiterate. 

Not a lot of people keep that amount of liquidity around.Also, if it is a 506(b) syndication then it can allow Sophisticated investors too, not only Accredited.You can also invest via crowd funding and I don't believe there is any requirement in that case.And if you are the syndicator, no you do not have to be Accredited but it helps because you will have to be able to qualify for the loan.

arianne's look is classic. i agree with all the gray votes. article after article goes with gray. color is at the heart of your design project and can create a light, bright tone which brings a sense of place to your potential clients. it says whatever you pair with me will look amazing. crisp white trim works wonders as the accent. it is sophisticated and elegant. it is modern, edgy and timeless. it is the perfect chameleon. it is simple and reliable. it represents peace and balance. all furniture styles may benefit from it. 

It is not likely that your renters are sophisticated enough to understand the time value of money and how much of a deal this is for them but it really is.