After many conversations with new investors and operators, I've noticed a similar trend. This industry suffers from the lack of thought diversity.

A few educators and operators have done a fine job of generating interest in the space. New entrants are all looking to execute the same business plan. However, it's difficult to gain an advantage following your competitors' blueprint. After a year of turning around multiple assets, there are several things left unsaid. In fairness, I started the same way and still share some of their views.

One of the largest misconceptions about the industry is the ease at which operators can manage multiple assets from their bathrobe. It can happen, but it isn't how you will likely start out. Unless you find a darling, most lucrative opportunities, in this environment, are value-add. Operations is where the money is made, and it takes a tremendous amount of work to get things moving in the right direction.