The last few years we’ve been primarily focused on improving operations and improving our existing portfolio to boost rent/take care of non-sexy, but necessary capex because the returns we need vs seller expectations just didn’t make sense for us.

Common structures I’ve seen:Convertible preferred equity – early investors get a premium return or the option to roll into project equity.Promote kicker – pursuit investors might get a small piece of GP upside once the deal goes vertical.High single-digit to mid-teens pref – depending on risk profile and timeline.Family offices and hospitality-focused private equity groups can sometimes write these smaller early checks, but often want strong reporting and transparency since pre-entitlement risk is real.If you already have a pipeline of 20–90 key projects, building a repeatable structure for pursuit capital can help you scale.Curious—are you targeting more institutional-style equity partners, or open to smaller JV groups / family offices who want a seat early in the process?

Households on Welfare by StatePuerto Rico stands out with 47% of households receiving assistance.This reflects sustained economic challenges and unique territorial program structures.RankState or JurisdictionCodeShare of Householdson Welfare# of Householdson Welfare1Puerto RicoPR47%586K2New MexicoNM20%162K3West VirginiaWV18%129K4LouisianaLA17%308K5OregonOR17%284K6New YorkNY16%1253K7MassachusettsMA15%418K8OklahomaOK15%224K9PennsylvaniaPA15%787K10Rhode IslandRI15%67K11AlabamaAL14%277K12District of ColumbiaDC14%46K13FloridaFL14%1157K14IllinoisIL14%723K15MichiganMI14%571K16MississippiMS14%162K17NevadaNV14%162K18AlaskaAK13%35K19CaliforniaCA13%1748K20ConnecticutCT13%182K21GeorgiaGA13%524K22HawaiiHI13%63K23KentuckyKY13%240K24MaineME13%76K25North CarolinaNC13%553K26OhioOH13%641K27WashingtonWA13%382K28DelawareDE12%46K29MarylandMD12%279K30TennesseeTN12%329K31TexasTX12%1322K32VermontVT12%32K33WisconsinWI12%282K34ArizonaAZ11%311K35ArkansasAR11%132K36MissouriMO11%264K37South CarolinaSC11%230K38IndianaIN10%262K39IowaIA10%131K40New JerseyNJ10%342K41VirginiaVA10%320K42ColoradoCO9%215K43IdahoID9%63K44MinnesotaMN9%201K45MontanaMT9%42K46NebraskaNE9%69K47South DakotaSD9%32K48KansasKS8%90K49New HampshireNH7%39K50North DakotaND7%24K51UtahUT6%68K52WyomingWY6%14KAmong the states, New Mexico has the highest share at 20%, followed by West Virginia (18%), Oregon (17%), Louisiana (17%), and New York (16%).A large cluster of state jurisdictions have low‑to‑mid teens of U.S. households on welfare.And at the other end, Utah and Wyoming are lowest at 6%, with New Hampshire and North Dakota at 7% and Kansas at 8%.

They’re frame of reference seems to be the rentals they and their friends had in their late teens and early twenties where they broke the lease in a low end high turnover apt complex and management had made the decision that doing anything more than sending a few threatening letters to people with no assets was not financially viable.  

We have 3 kids in their teens with college plans as well.  

Yes its not sexy.  

I think BP and the real estate guru's don't highlight stuff like this because it's not sexy or fun to think about. 

These assets are held long term within each fund, self-developed and operated in-house — no franchising — and structured to deliver low-teens cash-on-cash returns.

I have a certain ratio per100 headcount (not households, not age, not sex) I use when decidingto buy or build in a town.

Unfortunately real estate returns are not sexy right now and require a solid downpayment to see some cash flow.