Some sponsors are mitigating this risk by raising their own pref tranches from their own investor base, thereby giving them control over the terms.In a strong up market it’s likely that rent growth and strong demand will drive up income, thus driving up value, which supports the ability to take out the pref.  

However, both mobility and technology and the ability of more people to work where they do not live, has grown this niche, as @Dennis Smith has argued.

To answer your question, the advantage the GP has is control, and the ability to gain wealth from their equity position (hopefully not so much for asset management fees) by selling at a big gain.  

That seems crazy to me to think thats a bad deal.But what I don't see right now is the ability to get deals at any significant discounts and thats where I'm thinking I may be missing something here. 

It ties into your great grandfather’s troubles during the 1932 depression; your grand parents ability to purchase a home in 1953 for $100 down with a VA loan, and your own psychological well being at having to have a percentage of your income going to pay debt each month.However, unless debt is so debilitating to you that it keeps you up at night and inhibits your ability to make rational decisions, the decision to pay off debt early is merely a function of numbers.  

This deal demonstrated our ability to create value through strategic renovations and effective project management, yielding a solid profit and a successful outcome for our partnership.

This deal demonstrated our ability to create value through strategic renovations and effective project management, yielding a solid profit and a successful outcome for our partnership.

@Nia Booker, even though you explained things to the best of your ability I still don't think you quite know what's going on with your situation.

It's a full service banking platform - just like you'd have at any other bank with interest bearing accounts, the ability to set up multiple accounts and sub-accounts, issue virtual credit cards and more.  

I only buy properties where house hack and I have the ability to STR/MTR.