Actually not even changing underwriting standards, but that is because we were planning for a downturn for a few years now. 

@Avery Carl This point make sense, but it really depends the level and quality of cash flow.For standard LTR cash flow, they are normally not good enough to scale business, so we need to build equity (BRRR) to make ourself scale.The business model for STR might be different, but still, equity is the real wealth.

What is the standard up front cost for the limited partnership setup and filing with the SEC?

This is standard financial planning. 

If it's standard in the area then you'll likely have to do that. 

Most tenants will not keep the yard up to your (or your neighbors) standards.

Although this doesnt affect vacancy per say, I would still use the fairly standard 8.5% vacancy (which assumes 1 month vacancy per year). 

The dollar amounts for the potential sale, on the first page of a standard TREC contract, were not even put in the correct spot and there was literally no mention of an option fee, earnest money deposit, and several other items.

The older industrial buildings that are outdated to today's standards fit more to the small and medium businesses just wanting space with a decent location at a reasonable cost.

The risk is known and there are no refunds except per the standard policy.I asked one person, "what kind of character are you to not buy trip insurance, then you want to cancel the contract and ask the homeowner to stand in as the insurer?"