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And compare succession consequences with the cost of maintaining the chosen ownership vehicle. A tidy inheritance plan on paper may still be unattractive if it adds annual administration that the original budget omitted.

For inheritance, give the adviser an actual scenario instead of asking whether the structure is ‘good for succession.’ Who should receive the property, what happens if one owner dies first, and is continuity of the student-housing operation important?

I wouldn’t reject it solely because the starting yield is thin. The answer changes with the buyer’s objective, expected holding period and financing. A heavily financed purchase is much more sensitive to interest cost and vacancy than an unlevered one. Rather than choose a target net yield in...