Problems ran the gamut - having a pet they are not supposed to have destroy the house to allowing a massive roach infestation.

Hey everyone, I used to do more condos in the city of Houston but am now venturing out into a massive glamping site at the nearby Lake Livingston. 

And be careful with the PMC, there are some fly by night guys out there..And BTW, as of Q1 2023 Milwaukee is in the Top 10 most hottest real estate markets in the US (measured in % appreciation), we have a massive housing shortage.

Massive difference.It may be worth your resources depending upon your near-term goals. 

Look at it from the Lenders point of view, if it was your money would you lend someone money for a massive project and they have zippo experience, and I know your partner has one he did with cash from a HELOC, but you are talking about institutional money now.  

You’re taking massive imperfect action and that’s more than so many can say.

Morris model of NON transparency IE you cant see the houses we are too busy .. you can't inspect them we are too busy.. just played into this massive loss of investor capital.. 

This is one of the main downsides to it in my mind and why I would only do one with a massive cash reserve.

On the topic of new investors JVing, go for it however I see this as a massively risky approach and would never advise anyone to do it. 

Also given the current circumstances and uncertainty i certainly wouldn't agree to pay a leasing commission upfrontFinally, unless the broker provides massive value and not just put a listing on loopnet like 99% of them do, there is no way i'm going to pay 4-6% of EGI unless the brokers brings a AAA national tenant