To me, it is speculation or gambling.

So if you are playing to max returns that's possibly the way to go.

There are buyers of a few remaining years left on the lease ( I am one of them for value add) but are typically all cash plays.   

The west coast is a great appreciation play if you are looking to hold long term.

In other words, the BRRRR strategy.Obviously appreciation plays a part and if you're getting the property at a great price.

They do 1031 exchanges and they must have thousands of landlords just like me, so they know how to play this.They're requesting a rent reduction that is substantial, but not so much that I'm eager to hire a local broker and pay a large commission for their involvement.

(Credit, Income, Assets) plays a large roll in this.

Never had a team, own personal homes in 3 states and play golf or ski and vacation when I want to. 

Lender regulations certainly come into play, but even for non-levered syndicates it is desirable to have a max in your mini-max to reduce concentration risk. 

Now, this does bring PMI (MIP for FHA) into play.