I would love to run it by some of you to see if it makes sense or help me find some blind spots: Master Lease Option (discovered in Brandon Turner's book...) 

Hey everyone! For those of you experienced in real estate — do you have a go-to “real estate bible” or comprehensive resource that you recommend? Something that really ties together the essentials — investing principl...

A lot of real estate sponsors want to raise capital from foreign investors, but aren’t sure how to structure it without creating unnecessary tax or regulatory headaches.That’s where a master-feeder structure can come into play.Here’s a quick breakdown:🔹 The Master Fund – This entity holds the actual real estate assets and executes the investment strategy.

I am afraid creating an LLC for the sole purposes of a master lease will only complicate litigation in the event a claim were to arise. 

Use this season to master acquisitions, dispo, and systems; when your volume and ops are steady, sit for the broker and spin up your brokerage with clean SOPs.

It's a lot at first but once you've mastered underwriting deals or are at least proficient, it is a lifetime skill.

Tax deed is a high‑reward, high‑risk lane: titles can be messy, redemption windows vary, and you often can’t inspect, so you win by mastering one county’s rules, running conservative ARV/rent comps, and budgeting for quiet title plus unknown repairs.

I talk with multifamily operators often through my club, and mastering these basics makes every conversation and deal analysis much clearer.

Here’s what you need to learn, and master 1.

Great points, Jeff — and you’re right to highlight that the expense ratios are unusually efficient for a coastal STR.A couple of clarifications on the numbers:The current owner self-manages, which keeps cleaning and maintenance costs lower than a third-party STR manager would typically charge.Some of the repairs and CapEx were front-loaded in prior years (new flooring, appliances, and paint), so last year’s P&L reflects more of a stabilized-operations scenario.The utilities figure is accurate — it’s higher due to being master-metered for the property — but the other OPEX categories are slightly understated if you were to underwrite this as a fully managed, third-party operation.If I modeled it using a professional management assumption plus normalized reserves, the operating ratio trends closer to 48–50%, which aligns with what you mentioned for coastal STR multifamily.I appreciate you calling that out — it’s a great reminder of how much variance there can be between owner-operated and institutional-style expense reporting, especially in hybrid STR assets like this.Here's the owner's profit and loss statement for the exacts of the 2024 year.