So a sponsor that's great for one investor will probably be terrible for another (and vice versa).I'm a conservative investor, so when I invest in multi-family I prefer sponsors that have at least one full real-estate cycle of experience (which sounds similar to your post), little to no money lost, low leverage, and high skin in the game.And there is an apartment operator that has multiple real estate cycles of experience (decades) with no money lost, low 65% less LTV, and high 10%+ skin in the game.They market under 506B so are prohibited from posting publicly on the Internet and instead function by referrals.

Accounting is consolidated, management functions and maintenance of the LLC, minutes, authorizations, etc are under one umbrella as opposed to having to address seperate maintenance issues of the enties.

People make a lot of assumptions based on pictures (good or bad), so your pictures need to show that the space is clean, functional, ready for tenants.

I would look at it as a function of holding costs.

The Goji lets you text your key to others and set up the times those keys will function."

It appears that the starter version will be fine for me...just need to load transactions from my 3rd party PM (using AppFolio) and don't need any management, invoicing, payroll or 1099 functionality.

But I suspect that they're actually functional.

The A/C unit is pretty rusted outside but still functions.

Do you purchase the asset first with the provider and then they help you make it functional?

If it's currently taxed and zoned as five units, then the appraisal will start there and then account for the non-functioning bathroom appropriately.