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A couple months ago, I received communication from Capital Square that they were lowering our distributions from 4.27% to 3.01% on one of the properties outside of Atlanta. 

Clear communication and flexible scheduling also go a long way.

They advertise quick close and 100% financing for hard money, but they are extremely slow, extremely poor communications and they don't seem to understand appraisals.

This unit configuration will attract the most, best qualified tenants who will stay long term, respect the property and pay rent on time (or at the very least, communicate if they are having difficulty paying rent). 

You make a great point about the balance between owner control and giving managers room to do their job The market now is very different than the 2021 boom and holding onto those expectations can definitely lead to longer vacancies and weaker returns In Maryland especially with higher property taxes and compliance costs you cannot afford extended downtime Many investors I know are adjusting by being more flexible on rental pricing improving property condition to stand out and leaning into strong tenant screening while still moving quickly Clear communication between owner and manager with agreed decision guidelines also helps speed things up without losing trust

Also you want to communicate (not necessarily in lease) a time period in advance of extension that they have to extend lease by or take their chances on loosing the unit.

A couple of other things I’ve found valuable to look at are:Track record through cycles (how they’ve managed deals in both good and bad markets).Transparency and reporting (how proactive they are with communication, especially when things aren’t going perfectly).Alignment of interests (skin in the game, fee structure, co-investment).In my experience, those have been big predictors of how well a sponsor actually delivers in the long run.

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Misalignment on scope vs. line items happens more often than most people admit, so you’re not alone there.A couple things I’ve seen work well between draws:Negotiate with contractors to accept partial payments upfront with balance due once the draw hits.Use short-term private money (friends, family, or local investors) to float a portion, secured by the property.Line up business credit (cards or LOCs like you’re doing) but be strategic so interest doesn’t eat your margins.On the line items, the key is communicating with your lender early — if you can show the work is completed and in budget overall, many will be flexible even if the numbers per category don’t match perfectly.