My contractor partner and I are building out a co-living development model in DFW... acquire, convert to 6–8 rooms, sell turnkey to operators. We don't want to operate. We want to build and hand off.

Before we go deep on acquisitions, I want to understand the buyer side.

If you're a co-living or PadSplit investor, would you buy a newly converted property in DFW with no operating history? What cap rate would you need to pull the trigger?

Genuinely trying to understand what operators actually want before we build the machine around it.