You might find people that charge low rates, high rates, lots of fees, no fees.I'd focus on competency.

Quote from @James Runkle: does anybody have the latest information on this fiasco for appointing a local agent in charge for out of state investors?

As I mentioned above, if you're not registered as a HML or lender and you are charging fees as a lender, you're in violation.

Build your core three locally: a multifamily broker who knows mom‑and‑pop sellers, a lender comfortable with small balance multifamily, and a PM with real rent rolls in your target zip codes.

I won't go with the riskiest opportunistic strategies, and will stick to core and core plus mostly with some value-added.

**OPERATING COST REALITY CHECK:**- Insurance: +29% YoY (coastal exposure + reinsurance crisis)- Maintenance: +24% (labor + materials)- Property Taxes: +22% (reassessments catching up)- Condo Fees: +45% since 2021 (SB 4-D structural compliance)**MARKET DYNAMICS:**- Luxury ($1M+): 10.2 months inventory, seeing 10% discounts- Single-family: 6.4 months, still climbing 4% annually- Condo/townhome: 12 months inventory (buyer's market forming)**CAP RATE SPREAD:**- Miami core (Brickell/Downtown): 4.7%- Suburban (Doral/Kendall/Homestead): 5.3%- 60bp spread = biggest arbitrage opportunity in years**INVESTOR BEHAVIOR SHIFT:**Seeing capital rotate from luxury spec plays → workforce housing with stable cash flow.

Build your core four locally starting with two investor‑savvy agents and two PMs; let them open doors to lenders and solid GCs.

And for a couple years i did mostly investment but a couple normal personal deals through things like realtor leads or whatever, and let me tell you, those "random" deals or clients that weren't my core type of client were the ones that I did not do well with. 

I’ve also heard good things about Rentec Direct and Baselane for a more streamlined setup, especially if you’re looking to keep it simple without losing core features.At the end of the day, the best platform is the one that fits how hands-on or hands-off you want to be.

A few key things you’ll want to focus on are:RevPAR (Revenue Per Available Room) – the core metric for valuing operations.Occupancy trends and ADR (Average Daily Rate) – these drive your revenue projections.Expense ratio and management structure – smaller motels can run at 40–50% expenses, while flagged hotels can be much leaner with scale.CapEx and reposition potential – if it’s a rehab, understanding brand standards and conversion costs (for example, turning an independent motel into a soft-branded flag) can make or break the deal.My partner and I have underwritten several hotel/motel projects in the Los Angeles area, so I’m happy to share some insight into how we typically structure the analysis and what lenders look for in this space.