I would love to get feedback from the community about the practice of sponsors dramatically changing PPM to the disadvantage of LP investors and your experience.

Conservative leverage could be a good model for you.

Be sure to do your DD on the operator and understand their business model before diving in.

You might consider running this model as a flip to see if it makes sense economically. 

It's a business model - it needs to make sense.

So that's where you've got to examine your own model and needs.

With the pressure off financially the broker/agent can spend time and really look out for the buyers interests more and not struggle with needing the closing today and thinking about having to SELL the buyer something immediately.Now another item however is that now that the broker/agent is very successful and established they likely have a polished and well defined business model.

If you had all agents as investors how does the business model work.

Back two units are long term, so I like the model as long as STR is viable. 

So properties have different underwriting models based on credit tenant type, stnl or mtnl, how many primary years left on the lease, lease staggering, termination clauses, co-tenancy clauses, restrictive use clauses, lease guarantees for personal and corporate, disclosure of ongoing sales, association by laws, etc.