Then you can cycle that private money back into acquiring more rentals.

We replace the locks then collect the old locks and cycling them in and out of different properties.I personally haven't used a PM and the main reason is that I want the option of making a repair myself. 

Those of us that have lived through cycles appreciate this and treat real estate like a loaded firearm.  

My thinking was these are long-term, illiquid investments completely out of my control and the only way to really know if an operator is worth re-investing with is to put money with them in the first place and complete the cycle with them. 

Often times the house will appraise high enough for the investor to get some extra cash to invest into their next investment property, and the cycle continues.

I started in 2010 and am a serial serial passive investor in MF syndications, just invested in #61, 26 have gone full cycle. 

Once the RE cycle resets, a lot of previously honest syndicators might find the temptation to fudge the numbers to be too great to resist.

When we didn’t, our house was assessed at about what it was during the previous cycle. (191k).

I recommend J Scott's book Economic Cycle, which explains how to take advantage of every stage of an economic situation, whether it is the recession stage, or expansion or recovery stage.

There's one sponsor that had 40 MHP, with 20 gone full cycle already.