I know that you know that a wave of foreclosures is not a realistic scenario, because it would require negative home equity on a large scale - otherwise, if you can't make the payments anymore it's just a regular sale.

Looks- As you can see above the Beige or Tan color looks the same as regular storage units.

Quote from @Melinda Eilts: Hey everyone,For investors who regularly hire contractors:What’s your process for checking reliability and quality?

They don’t usually foreclose like mezz— they take over control rights if things go sideways.Ideal for:Ground-up or heavy value-add where cash flow is lumpyDeals where senior lenders cap leverageSponsors who need flexibility on timing of returnsThe real deciding factor: cash-flow timing vs. controlIf you can make regular payments but don’t want to dilute ownership → MezzanineIf you can’t guarantee near-term cash flow but need capital to close the gap → Preferred EquityIf your senior lender forbids mezzanine (which happens often) → Preferred Equity is the workaroundOne more nuance most posts miss:Preferred equity comes in two flavors:Soft Pref – economic preference, no takeover rightsHard Pref – essentially mezzanine equity with control triggersUnderstanding which version you have matters just as much as the return.Both tools are powerful, if you pick the wrong one for the wrong project, it can wreck your risk profile.

This experience underscored the importance of clear communication, documented agreements, and regular progress updates.

I'm solid on the fundamentals and running numbers, but I definitely have a few gaps in local knowledge since I haven’t lived there yet.Are there any investor meetups, networking groups, or regular in-person events around Green Bay that you’d recommend?

The only downside is that it doesn’t allow phone calls, so we use our regular lines for anything that requires a verbal conversation.For mailing notices, violations, and any documents that need to be formally served, we use Mailform (www.mailform.io).

All of them - regular rental houses, STRs (short-term rentals), apartment buildings, office buildings, storage facilities and so on. *** Never put rental properties in S-corporations!

I’m also interested in joining any investor groups or meetups that meet regularly in the Tucson area. 

Engaging in regular cost reviews and audits can highlight areas for improvement and potential savings.