Not to mention understanding any actual tenant demand to lease/buy the premises when complete.

Joe,All due respect, agree to disagree.I believe your whole premise of the cash being gone and not receiving a return until you've recouped all your initial cash is a fallacious one.When I buy Exxon stock and receive a 6 percent dividend, that dividend is profit when I receive it.

Team and goals, understood.

You are in a Tenant at Sufferance situation:A tenant at sufferance is the situation when a tenant of real estate continues to occupy the premises without the landlord's consent after the original lease or rental agreement between the landlord and the tenant has expired.

I model my business under the premise that capital can easily be obtained with the above mentioned guidelines of 5 year balloon and 15 year ammortization.

When selecting the property, I would keep the following in mind for "rentability" (which would also be quality of life for you): in unit laundry, proximity to metro/public transportation, on premise parking or nearby affordable monthly lots, central heat and air, closet/storage space, outdoor space (private or shared).

On the equity side there a lot of factors but just from a platform perspective, I would make sure I understood how they are getting paid and who else is getting paid.

I understood the moritoriums back in the spring.  

@Ashley Gish I never understood this type of forum post.

I tried on premise software and other cloud products such as Cozy, Appfolio and Rentredi.