But curious if anyone's found success (in STL market or more broadly) on establishing a quality partnership with a GC.Thanks!

Do not spike prices broadly.

@Bob Dole,So much great input already above, Bob and I’m a bit late to the thread, but I’ll add a tax-focused lens to help tighten the conclusion you’re reaching.Your understanding is largely correct.

Well enough, this is how broad the application is.

That real-world feedback loop is going to tell you way more about where your pricing should be than any third-party tool.Once you understand how YOUR specific property performs with YOUR photos and amenities, you can make informed manual adjustments from there.

If you’re already built for ops, it’s hard to justify thinner, capped yields.For smaller investors, I think performing notes are still viable only if:• You have scale or shared servicing• You’re buying at real discounts, not spreadsheet yields• You understand exit risk, not just coupon rateNet-net: not a dying niche, but no longer beginner-friendly or passive in practice.

Knowing the micro-location matters more than broad market headlines.

Expect 2026 to reward precision over broad participation.Apartment Supply Finally Hits the BrakesFor the first time since early 2023, quarterly apartment deliveries fell below 100,000 units.

It's a business through and through - not real estate, and a lot of people are jumping into the space, not understanding that. 

Investors who understand these guidelines can structure deals more effectively and avoid surprises during underwriting.Considerations for WholesalersFor wholesalers, understanding financing can also help evaluate the strength of potential end buyers.If an end buyer plans to finance a purchase rather than pay cash, the deal must typically meet lender requirements related to:• Property condition• Appraised value• Rental income potential• Debt service coverageHaving a basic understanding of these factors can help wholesalers identify buyers who are more likely to close successfully.The Broader Takeaway for InvestorsThe real estate business continues to be influenced by how brokerages distribute listings and how lenders structure financing.For investors and wholesalers, two practical considerations remain constant:• Where potential deals originate• How those deals will ultimately be financedInvestors who understand both sides of the transaction often place themselves in a stronger position when identifying opportunities and executing their investment strategy.