Sharing some context on a deal we’re currently underwriting in the Des Moines / Ames, IA market, and open to connecting with others who have experience or interest in LP buyout / refinance-driven structures.Deal overview:Market: Ames / Greater Des Moines, IAAsset type: Small multifamily portfolio in a student housing submarket near ISUUnits: 29Occupancy: 100% in-place2024 NOI: ~$239K (actuals)Status: Off-market, active underwriting, pre-LOIStructure under evaluation:Conventional bank financing with conservative leverageEquity structured as a clean LP position (no promote-heavy JV)Targeted preferred return in the high single digitsIn-place cash flow from day oneRefinance window of 12–36 months with the intent to simplify ownership post-refiThe focus here is on predictable yield and downside protection, rather than long-term equity participation or operational involvement.If anyone here has executed similar LP buyout / refi structures in the Midwest, or has perspective on how they’re being structured in today’s market, happy to compare notes via DM.Best,EduardoSharing some context on a deal we’re currently underwriting in the Des Moines / Ames, IA market, and open to connecting with others who have experience or interest in LP buyout / refinance-driven structures.Deal overview:Market: Ames / Greater Des Moines, IAAsset type: Small multifamily portfolio in a student housing submarket near ISUUnits: 29Occupancy: 100% in-place2024 NOI: ~$239K (actuals)Status: Off-market, active underwriting, pre-LOIStructure under evaluation:Conventional bank financing with conservative leverageEquity structured as a clean LP position (no promote-heavy JV)Targeted preferred return in the high single digitsIn-place cash flow from day oneRefinance window of 12–36 months with the intent to simplify ownership post-refiThe focus here is on predictable yield and downside protection, rather than long-term equity participation or operational involvement.If anyone here has executed similar LP buyout / refi structures in the Midwest, or has perspective on how they’re being structured in today’s market, happy to compare notes via DM.Best,Eduardo Cambil

Selling, taking the tax-free cash, and buying a home with an ADU/Airbnb suite in your new state usually offers a higher ROI and simplifies your life.

Would be nice to simplify.

Working through underwriting on a stabilized small multifamily portfolio in the Des Moines / Ames, IA market, and pressure-testing different capital stack and refinance paths.Deal context:Asset: 29-unit multifamily portfolioSubmarket: Student housing near ISUOccupancy: 100% in-place2024 NOI: ~$239K (actual)Status: Off-market, pre-LOICapital structure being evaluated:Conventional bank debt at acquisition (conservative leverage)Equity structured cleanly (no complex JV or promote layers)In-place cash flow maintained during holdRefinance window: 12–36 months to simplify the stack and optimize long-term debtThe goal is to avoid high-cost short-term capital on an already stabilized asset, while keeping DSCR strong and flexibility high for the refi.Curious how others in this group are seeing:Conventional vs. bridge execution on stabilized MF todayRefi seasoning requirements lenders are actually enforcingStructures that preserve cash flow while remaining refi-friendlyOpen to comparing notes with anyone actively lending on or structuring similar deals in the Midwest.Best,Eduardo Cambil

If the software is not simplifying your life or making you more accurate, you shouldn't use it.Software does have extremely helpful features like online payments, marketing syndication (click a button and your property is advertised on multiple sites), electronic document review/signing, maintenance tracking, and owner reports.

Quicken Simplifi feels a lot like mint.

On the rental side, since that interest is deductible, the real cost is lower, which makes it less urgent for some people to pay off.I’ve also seen investors in similar positions separate “sleep-well money” from “opportunity money,” where some cash goes to simplifying the balance sheet and some stays liquid for deals that require speed.

From here , dividing that into the asking price of the property will give me a cap rate.I generally see what the cap rate of this property is in comparison to similar class properties in the area as well as if any value add opportunities can be created.Is there any online calculator I can use to simplify underwriting of a property once making a determination if the property is worth delving deeper on?

I use a simplified version of this Template (https://www.notion.so/marketplace/templates/airbnb-welcome-g...) .

It's really helpful when thinking of ways to simplify this process for landlords as well as tenants.