So the market not only has an unbalanced supply and demand, but there is also a heavy supply of mediocre properties, set up by new investors.

I would spend a lot of time finding a great syndicator to do the heavy lifting, take down the debt, and create the magic.

Some tenants are heavy on maintenance.

@Roy Palmer Typically a high IRR deal will have much shorter timelines and typically would involve a fairly heavy value add.

While I have done 14 deals with them this year and have experience with heavy rehab, I don't have any ground up experience. 

@Sam Grooms I never consider the risk of an investment (heavy sarcasm) thanks for the helpful comment.

It won't happen overnight, but it's great because as we are patient we are also learning and developing our business plan better in the process.

There are a lot of informational sessions without the heavy pitch.  

I have seen portfolios of celebrated over-night-success investors and when you look under the hood it's not pretty.

One thing that is imperative in our municipality is that when hosting any tourists or foreign guests overnight, hosts must collect their guests’ identifying information, including an image of their passport or national identification at the time of check-in and WITHIN 24 HOURS following arrival, must communicate to the territorially competent police headquarters and our local municipality.