You are correct they work best when you are forcing the equity by rehabbing them as in flips and BRRRR’s.  

From what I know it is now m2m with all other terms in force.

I like using private lenders and rehab the property to force the appreciation and refinance all of my private lenders money out.  

So by shorting the contractor and putting down the bare minimum all you are doing is forcing them to be a lender on your project if there is a substantial up front cost for materials. 

I like to think owning in the same markets I manage is a plus for my outside clients as I have “skin in the game,” to do everything I can to force appreciation and increase market values.I can see where I’d be concerned investing with someone without that proven track record of performance as it’d be a difficult situation to ask a partner that owns the management side to be open to working with someone else.

The government is terrible, taxes are high, crime is out of control, credit doesn't exist in tenants, the city looks at you as revenue, you literally can't force someone to pay water, you could only sue them in civil court.

Gravity forces water to travel down the building and it destroys anything in its way.

I’ve seen times where banks aren’t renewing/refi’ing loans and noticed many owners are forced to sell, or risk losing the property.

My thought was that tenants would leave on their own due to life changes or an eventual down cycle in the economy forcing movement.

Oakland has gotten pretty bad in its own right the past few years ;) Those Oakland moms commandeering that home (and basically forcing the investors to sell it at their cost to a housing non profit) is (unfortunately) a first, and a scary precedent.