If I can't visualize how I'd use the space, propsective applicants will feel the same.Both location and function are so important.

It's based on commercial multifamily underwriting and modeling, but the same concepts, principles, and functions apply to small multifamily and single-family investing.

Even with small scale BRRR (just cosmetic/slight functional updates), ability to refinance within a handful of years is extremely important to have enough equity to pull out and repeat the process.

Value was created through targeted renovations that improved functionality, appearance, and overall buyer appeal.

Disciplined operating proceduresOperating procedures serve two functions: First, they establish clear rules for cash handling and opening and closing routines, two of the most vulnerable periods in daily operations.Second, they define exactly how staff should respond during emergencies, including violent or threatening situations.

In my opinion, for a rental the priority is function a little more so than form.

Small functional upgrades also go a long way, such as adding in unit laundry, improving storage, upgrading kitchens just enough to attract better tenants, or improving parking and outdoor space.

Successful operators maximize offseason programming (events, summer activities) to stabilize cash flow.Waterpark ResortsWhat defines them:Waterpark resorts include indoor or outdoor aquatic facilities of at least 10,000 square feet, featuring slides, pools, and interactive attractions designed to drive demand.Investor considerations:• Family-oriented demand with strong repeat visitation• Indoor parks can reduce seasonality• Water attractions significantly boost length of stay and ancillary spendKey risks:• Substantial upfront construction and mechanical costs• Ongoing safety, staffing, and maintenance requirements• Higher insurance and operational oversightInvestor takeaway:Waterpark resorts function as entertainment-anchored hospitality assets.

It's functional though as I've pivoted to mobile home parks it feels more clunky.

Once you have a short list, get an account with each one and run them through the wringer to see how they really function.