The replacement compressors for older models are not one size fits all and seldom used, so they usually need to be ordered on demand from the supplier.

Don't ever allow another company, to dictate your business model.

2) Do you think this business model would work in other markets?

The business model is just not geared to that. 

I started using the exact same model mentioned above. 2016 I did 1 project and decided to sell instead of refi after seeing how negligible the rewards were with respect to time and effort.

I've done some deep financial modeling dives with James on his Nomad process.

Could a prudent investor go all in on this asset class, assuming the investments were blended across the risk/return spectrum (i.e. some low LTV or debt free, some 1st lien loans, some higher LTV, etc)I'm asking purely regarding a passive investing style, assuming no directly held real estate but rather only a syndication model as a LP.

They do have scratch and dent, but I stick to new in box models that are 1-3 years old.

Are these potentially model tenants or do you see issues?

According to the seller they have been model tenants.