@Jonathan Feliciano Ask yourself what competitive edge does this boots on the ground partner brings to the table a reputable GC and PM can’t provide?

By listing it lower, it may be more likely to be supported by comps AND could create a demand buzz that will lead to multiple offers and competition.

As you can tell, it’s a very competitive industry and many loan officers will do whatever it takes to get your credit pulled and pay for an appraisal. 

The investor also had no backup plan, and it was clear they hadn’t considered the potential risk if this failed - they just said "we would foreclose" - which if they did would (at best) provide single digit return...It gets even better, if they did get the borrower to follow their exit strategy, they would make around 13%...Here’s the problem: The gurus often make note investing sound like it’s just a game of persuasion, telling you it’s "easy" to get borrowers to agree to anything if you push the right buttons.

You can get much better returns and less competition than a condo.

Is this common, or are we overpaying due to lack of competition?

Never invest in any city on this list.Low operating costs: Every company faces competition.

I think you should let the tenant go and use this as a lesson to button up processes and fix your lease.

Many of them are savvy marketers but don't have background/experience in pref equity space but lead folks to believe it's just an  'easy button' to make stellar returns. 

I was a little busy dealing with the hurricane (buttoning up both rental properties as well as my primary home) and evacuated myself on the 8th.