If both are not winning then there will be a disincentive to perform at the highest level and investors will not want to return to reinvest on other deals.

Whether CA or TX, $20k hard EM and $30k EM after DD is light.In my experience, regardless of the market hard EM helps you win deals.

My hypothesis is that Airbnb is significantly winning share and moving up the value chain in this geography... and it is this realization (possibly globally) that is leading to this verbo rebranding effort.

Persist and you will win!!!

You may be looking at doing a 1031 and he's looking for ways to help you  to create a win-win or to take advantage of what he learns to his advantage. 

Win-win. 

Maybe they would be interested in seller financing and work out some win-win terms.

Either way you win.

If there is enough money to be made perhaps you can structure a win-win and cash out a higher gain when all is said and done while minimizing your risk by working with someone experienced in a development.

So by the time a broker prices to be competitive for "jumbo" loans (where retail banks typically have the thinnest profit margins, to win the business of the 800 FICO $2.5m price 30% down people they can later cross sell other financial services to), that same thin margin by law must also be the margin on FHA/VA, where retail banks by contrast generally have the fattest profit margins (a factor of 3 is not unheard of).Being a veteran and seeing that giant fat profit margin on VA for my fellow veterans, and figuring all this out, was part of why I made the switch.