As a sponsor, your decision is based on your availability of capital and the desires of your investor base. 

I also desire diversity among the REITS themselves (some domestic, some foreign).

I also work a 9 to 5 that I have no desire quitting with the intention of diving head first into real estate.

I might offer to mentor him once I get some more background info on him and understand his true needs and most of all desires......

While many still dismiss the issue of sea level rise, the military is actually taking it seriously, and this lecture was for future military leaders currently attending their Masters program, so you'd think even skeptics would agree it should carry some weight.  

Jason, I respect you desire to get into real estate, but feel you may want to focus on saving for the unexpected first.  

I will hold properties that I think have good appreciation potential and sell the ones that are not as desireable.

I've tried using the following formula: MAO = [ARV] – [Flipper’s Profit] – [Repair Costs] – [Fixed Costs] – [Wholesale Fee], however my calculations are much different than what the calculator calculates as the rental owners purchase price.Here are the numbers that I'm using:After Repair Value = $150,000Desired Wholesale Profit = $5,000Cash Buyer's Desired Cash on Cash Return = 12%Loan Amount = $100,000Loan Interest Rate = 5%Amortized = 30 yearsPurchase Closing Cost = $3,500Total Gross Monthly Rent = $1,800Other Monthly Income = $50Property Taxes = $1,350Monthly Insurance = $45Vacancy Rate = 8%Repairs = 8%Cap Ex = 5%Property Mgmt = 10%So based on these numbers I'm calculating $150,000 - $18,000 (12% COC) - $25,000 - (not sure what's considered fixed cost) - $5,000 = $102,000 but the calculators states that my MAO is $124,767.84. 

I also have no desire to provide student housing.

There is not much existing stock that has a significantly larger square footage in the way that the transplants from Palo Alto would desire.