I've had moderate success as a poker player and as a currensy trader.

If it helps, here in lafayette, we really dont have much of an REIA club, so im looking for ways to meet the local players in the area, any ideas everyone?

Welcome Dominic.  

This has allowed me to further leverage those investments made by much larger players in the area by selectively targeting the few truly derelict properties in my corner of the neighborhood.

Is less than 6% really an acceptable return when you have so many other players in the mix?

The fund will take a hit as the cost of doing business, and still keep going.With that said it makes sense to sell some assets (depending on business plan, especially if things haven't worked to expectations), to the institutional player when the market is high ( It would take years to make the money back that is sitting in equity, if we waited for rents to rise and get the cash flow.)

Hi BP, I'm your typical washed-up semi-pro baseball player turned spy novelist published by Random House.

Marcus & Millichap are big players in DFW MF. 4-20 may be on the small side for them.

Bottom line you must identify and thoroughly "vette" the players within the market that can add value to you and your investing goals.  

Now, I try to prevent all hiccups, by mass emails to all key players.