Of course this is based on my own risk - reward criteria and analysis.  

I know lots of people here on BP say you shouldn't buy anything with negative cash flow, but there are times when that risk can be worth the reward.

Prefer discounts to future stays as a means to not reward bad guest behavior.

It is because in certain area, SF cap rate is even much lower than typical A+ DST MF cap rate.Yes the gap makes the direct rental investment seems having higher risk/reward.

The city simply has an overabundance of hotels and the population decline and on base housing has decimated both the hospitality and residential rental business.I think there might be something here, no risk no reward.

In the other hand summer rentals (not need to be Airbnb, just monthly or fortnights) can be very rewarding, as you can rent for 3000€/month. 

my buddy has a section 8 rental collecting 1,100 a month...the tenant is responsible for another 100/month...she doesn't pay...he doesn't say anything bc he knows he's still getting 1,100/month guaranteed..section 8, like unemployment should have a time constraint in my opinion...getting section for 30 years, and then having their children do the same thing doesn't reward hard work...it does the opposite...off my soap box--sorry!

This location will offer you the highest risk and appropriately highest reward if you can handle the headaches. 

Title insurance merged into three companies although you may see one hundred brand names...I'm well aware of the risk reward equation management looks at when evaluating a new process Caroline. 

It adds risk to the transaction but with said risk comes reward.