This has allowed me to further leverage those investments made by much larger players in the area by selectively targeting the few truly derelict properties in my corner of the neighborhood.

Is less than 6% really an acceptable return when you have so many other players in the mix?

The fund will take a hit as the cost of doing business, and still keep going.With that said it makes sense to sell some assets (depending on business plan, especially if things haven't worked to expectations), to the institutional player when the market is high ( It would take years to make the money back that is sitting in equity, if we waited for rents to rise and get the cash flow.)

Hi BP, I'm your typical washed-up semi-pro baseball player turned spy novelist published by Random House.

Marcus & Millichap are big players in DFW MF. 4-20 may be on the small side for them.

Bottom line you must identify and thoroughly "vette" the players within the market that can add value to you and your investing goals.  

Now, I try to prevent all hiccups, by mass emails to all key players.

But down here you have something for every player

@Jwana Player

Unless you are in the business of stabilizing under performing assets I don't see the short term even mid-term benefits of a new investor shopping in So-Cal.Edit: The other thing about buying in So-Cal right now is you are competing against of a lot of experienced players with deep pockets.