I am unsure of the exact number that have gone to full cycle but believe it to be in the double digits.As an LP, I only have limited visibility but tenants are a risk.  

Doing a roll up loan (land acquisition, soft costs/permit, vertical) over a 3 year cycle is too much risk for any private money lender in this market texture and I'd be confident to say that, even if they are a local HI lender or a lender who is very comfy to lend in HI.

@Aaron KaminerBe mindful of the current market/cycle we are in or may be heading to.

I came on here because my "why" was to take care of those who took care of me and break the poverty cycle in my family.

In the current cycle, I think a lot of the appreciation play in many cities is reaching a limit. 

I bet that tape will have to trade at 35 million to sell .. that's why I morphed into new construction .. we just closed on 90 lots in Canby that I will be building out over the next few years.. new construction is still moving quite well in our area.. still a shortage of housing.. will see how it all goes.. like you though we have very little debt.. when I gave a few talks at Google and other bay area tech firms my talk was about pivoting.. and my thought process was to not get leveraged to the hilt in this part of the cycle.

Isn't it funny how the existing investments create a cycle of funds that produce more assets?  

Great Bull market run - pre COVID we were already at the tail end of a typical 10-year economic cycle and bull market run following 2008.

I have owned 3 brokerages over the years and had literally hundreds of agents that worked for me its a never ending cycle of new people coming in and those that cant cut it leaving.. 

It's called the real estate market cycle.