The answer to this question is often the first real signal of whether there is true alignment.It reveals what someone values most in a partnership.Some prioritize speed.Others care more about transparency, structure, or flexibility.None of those answers are wrong.

Before you close, pull the site plan and check setbacks, parking ratios (C2 usually requires more spaces per unit), and fire access for additional structures.

The model intentionally used a market-average, outsourced operating structure (platform distribution + standard fees) to create a conservative, repeatable baseline, especially for investors who value time or operate at scale.That said, removing or reducing platform fees absolutely shifts the STR tipping point lower, and that’s a meaningful advantage for hands-on operators.LTR Occupancy AssumptionFair call.

Having been through many different investing strategies and cycles over the years, I’ve found that adapting structure and staying disciplined with underwriting allows you to keep moving forward, even as conditions change.

For long-term holds, we structure debt with survivability first, optimization second.A few core principles we follow:1.

. $250–300K of purchase price, depending on financing structure.

Your structure should be:Acquisition Phase:- Purchase price- Closing costs- HML points + origination fees- HML holding costs (interest during rehab period)- Rehab costsRefi Phase:- Refi closing costs- New loan amount (based on ARV x LTV)- Cash left in deal = Acquisition Phase Total - New Loan Amount + Refi CostsOngoing Returns:- Monthly cash flow- CoC = Annual Cash Flow / Cash Left in DealA few things to watch out for:1.

I think it will be super challenging if not impossible to find such deal on your first try. you need to test out different contractors and most likely you will make mistakes and pay for the lessons on the first flip.just make sure to do pre-purchase inspection so there's no big surprises such as foundation or other structural related issue. 

Some traditional banks simply can’t move fast enough within identification/closing windows, which is why many exchangers end up outside the big banks even if rates look better on paper.If your rentals are paid off, LTV discipline becomes your biggest lever — keeping leverage conservative often gives you better execution and fewer lender headaches than chasing the absolute lowest rate.One thing to watch closely: some “cheap” options limit property types or replacement structures, which can accidentally disqualify a 1031 if you’re not careful.My general takeaway: focus less on headline closing costs and more on certainty of close + flexibility, especially on your first exchange.

How that is allowed in the light of so many other ponzi structures that have destroyed small investors in recent US history is beyond me.