I'm not sure competition was the problem for you - sounds like it was more an issue of marketing and managing the lease up process.

we are a fully integrated developer builder and property manager How did you find this deal and how did you negotiate it?

.$2400 - $1265 = $1,135.00 This property is self-managed by an investor locally so no management fee.

Arranging financing, forecasting cash flow (it's not "rent minus the mortgage"), managing contractors, managing tenants, managing property managers, dealing with permits and city inspectors - it's a lot more than the average person realizes.

If you have constant access to great deals that you have access to and he doesn't, have him front the money and you manage the process and even get in there and help the contractor with your labor.

Then you can direct up to 80% of the proceeds to a new LLC which you are the managing member of and partner with the DST Trust to purchase CRE all tax-deferred with a new depreciation schedule.Since the deferred sales trust is an exit plan and you are buying a new property the LLC receives a new depreciation schedule vs a 1031 where the depreciation schedule travels with the exchange.The downside to the deferred sales trust is the stepped-up basis is forfeited vs a 1031 where when you die your heirs get the stepped-up basis.The upside is you can buy CRE whenever you want to with no timing restrictions.

With rentals in NC, FL and MO - I'm less concerned with market and more with sustainability with property management.

Also would like to make humble successful entrepreneurial friends who are ministry minded or just wise and not self indulgent.Sure would enjoy learning more about finding an affordable management company and exit strategies.  721 or RE funding collectives dont interest me.  

May we know the management company you use? 

I've started in real estate I 2009 as a salesperson, and later a real estate broker managing 110 units for client landlords.