We do post/beam projects often to add value and adjust floor plans in our rehabs. 

@Wayne Brooks sorry maybe I'm misunderstanding something about mortgages or perhaps I'm explaining poorly.What I mean is that you could adjust the initial loan amount and interest such that 90% of your monthly payment was interest.

But there's nothing wrong with giving yourself a few months to adjust to landlording. 

If the doors were adjusted to a crooked foundation, you might need to readjust or even buy new doors. $$$5.

US housing, right now, on an inflation adjusted, historical standard is expensive. 

As a Midwestern investor we're sort of assuming climate change/water issues are going to make the coasts and the southern states far less attractive in our lifetime.  

As long as you've accounted for that and you dig into to the loan scenario a bit more and adjust the down payment by 1/2% then I don't see any big holes here. 

You'll also know your costs per unit better, and can adjust rents accordingly.

They are measuring their IRR and EM goals and deploying capital to operators where they can achieve true risk adjusted returns without being hands on and spending their time elsewhere to make money.

Even if that is how it started, you may find it is wiser to use a property securities set up so you can adjust in the future.