Minimum loan size is $1,000,000. 

Just lay out the rules on pet size, breed, and how many pets are allowed.

I know Cedar Neeley over there pretty well and they are one of the only lenders I know of doing loans of this size. 

The chart above would be better if it had the 10-year rather than 5-year treasury rate but the thesis is the same.

That sort of leaves more boutique, middle sized, local managers. 

See the chart from Fair Isaac Company (FICO) below: FICO Score Pct of Population Default Probability 800 or more 13.00% 1.00% 750-799 27.00% 1.00% 700-749 18.00% 4.40% 650-699 15.00% 8.90% 600-649 12.00% 15.80% 550-599 8.00% 22.50% 500-549 5.00% 28.40% Less than 499 2.00% 41.00% Source: Fair Isaac CompanyAccording to this chart, investors should use corresponding vacancy+tenant-nonperformance factors of approximately 5% for Class A rentals, 10% for Class B and 20% for Class C.To address Class C payment challenges, many industry "experts" are now selling programs to newbie investors about how Section 8 tenants are the cure.

It's not a one size fits all situation.

Turnover cost varies greatly with the size and type of property. 

Single family homes, with a good size lot, no HOAs are primo. 

I get builders risk policies for all my new builds and at least in the markets I built in Charleston SC  and Portland Oregon have never seen the fence and security and like you I would have trusted my broker to mention something like that.. fence and 24 hour security is just not something you do on ONE SFR rehab.. unless its a known high crime area like South side of chicago and now inner city Portland you really need the fencing etc other wise the homeless and druggies will walk off with everything.. when did a bunch of rehab loans in South Jackson MS same thing theft was off the charts and we had houses burn down .. but the dollars were much smaller.I know I have gotten larger policies for my bigger developments and I did pay my lawyer to go through them line by line and at the end of the day they really cant say what is or is not covered.Also you simply would not think of anything in Colusa county as being high crime .