Did they do Rent Controls?

I’m trying to learn from operators who have experience acquiring or controlling small multifamily properties (15–25 units) in secondary markets, especially in cases where a traditional bank-first acquisition isn’t the cleanest path.Specifically, I’m curious about control-first approaches where the buyer/operator takes over operations first and aligns incentives with ownership before an eventual purchase or refinance.For those who’ve executed deals like this in the real world:What situations make this approach work best from the owner’s perspective?

Properties in rent controlled areas tend to have stronger appreciation due to the housing shortage caused by rent control 

For investors: Have you lost properties while waiting on financing?

I have a 85 year old tenant in Los Angeles County under rent control he’s paying $850 on a $3200 apartment.

Unless rents increase faster than inflation, no matter how many properties you own, you will eventually be forced back to work because you will not be able to pay future inflated prices.No rent control of any kind.

Either scenario is unacceptable.Had we not actively managed the management company ourselves, we estimate we would have lost over $3,000, in addition to having unknown individuals occupying our home.Homebase charges 20% of rental income, which is a substantial fee.

Versity had control back by then.

I manage my own properties and find this to be challenging and time-consuming, especially in regard to workflow and site visibility/quality control. 

You get the downsides of lower returns, less liquidity, and less control, what are the upsides?