Family products are extremely hard to find and buy in the marketplace.

Lots splits that are basically administrative you can take on debt. my current 90 home project  600k to 800k finished product we bought from when it was 2 years through the process but still took 2 more years before we could break ground..

I'd be interested in hearing what product you're using for the water sub-metering and what the expense/unit is to do so.

Here are some articles about Zigbee and Z-Wave technology:https://www.cnet.com/home/smart-home/smart-home-hubs-zwave-and-zigbee-home-automation-wifi-eero/https://www.safewise.com/blog/zigbee-vs-zwave-review/We thought this was a great article about AirBNB home automation technology and costs with a real world example: https://www.motoretreat.com/automation/And here are the technology providers:Seamhttps://getseam.com/Everydoorhttps://www.everydoor.io/KeyCafehttps://www.keycafe.com/Remote Lockhttps://www.remotelock.com/smart-locksSchlagehttps://www.schlage.com/en/home/smart-locks.htmlYalehttps://us.yalehome.com/en/yalehome-products/nest-x-yale-lock1/https://us.yalehome.com/en/yalehome-products/yale-assure-lock-and-levers1/yale-access/https://us.yalehome.com/en/yalehome-products/yale-pro-sl-yrd156yrd136/Kwiksethttps://www.kwikset.com/haloeRentalLockhttps://erentallock.com/SmartThingshttps://www.smartthings.com/SmartThings/automaterhttps://community.smartthings.com/t/release-rental-lock-automater-airbnb-vrbo-homeaway-tripadvisor-booking-expedia/124785Hubitathttps://hubitat.com/Winkhttps://www.wink.com/products/Noise / Smoking DetectionKeycribhttps://keycrib.com/Property monitoring to manage noise, smoking, keyless entry and guest behavior with real-time alerts, bonds, and contracts.Accounting IntegrationGuestRevenuehttps://guestrevenue.com/Reconciles multiple listing services with Xero and Quickbooks.Maintenance / RepairPlentifichttps://www.plentific.com/en-us/Plentific works with landlords to transform how they deliver repairs and maintenance services.

I believe the originial BRRR method was devised to buy in cash and refi afterwards because of strength of offer, ability to refi before 6 mo after acquisition, and save the extra closing/loan.It depends on how you structure your deal on what loan products you can get. 

The reason why CAP rate isn’t talked about in the small multfamily properties is because it’s not a meaningful metric on that real estate product at the end of the day the CAP rate at face value is a dangerous thing.

My goal is to make the best product at the best price, own the market, and sell the company.

Maybe this product doesn't have that included.

Some lenders are going out of business, Fed rate hikes could impact their pricing moreso than conventional/MBS priced products.  

Down payments could range between 10%-20% depending on the lender, but I'd be sure to talk with one who has experience in these products.