The typical fund will last 5-7 years and the IRR at the end of the fund can be anywhere from 15-20%, which is generally a 75-25 split (anything over the PRR) with the fund manager.

You may have experienced these same issues in your commercial RE business, but I find that homeowners are often far more emotional and irrational than business owners, making HOA's very unpredictable.

That said, that's irrational exuberance talking.

. - Buying a house from across the country is slightly uncomfortable for me (mostly irrational fear). - Having to front all of the upgrades at time of purchase, including furniture, is expensive (spending a lot of money on stuff that wouldn't be necessary for a long term rental).1.

A Recession is simply a natural correction to overheated markets.People have a funny tendency to be irrationally exuberant.

Not directed at the OP, but I am seeing what Greenspan called the stock market equivalent of 'irrational exuberance' in the REI space. 

I’d love to see the IRR at stabilization on this model.

It is textbook irrational exuberance. 

It's not irrational to be concerned about high leverage combined with historically low cap rates. 

I've been sitting on some cash for a couple of years without pulling the trigger, and it's been giving me (irrational?)