However, based on your risk tolerance, you need to decide whether to file now or wait.

Anthony,You would be surprised by using some old school methods like simply writing a letter like you mentioned. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

Never wait.

I am not a big fan and it sounds desperate, not to mention takes away from the purpose of what BP is.

., so I don't truly screen the guests like you mention.

You mentioned the following: "Take a look at what markets you are planning on starting in and make sure it is a growing market where the appreciation is obvious (emphasis added)."

Your mention of using GRM as a first pass and then diving deeper into cap rates and IRR is exactly how I’ve seen some of the sharpest investors I know operate.I had a buddy in Chicago who bought a four-unit last year in Pilsen.

As other people have mentioned, does it increase risk of being rent controlled down the road?

i would:-get the highest paying W2 job you can-save up enough to buy a house hack-house hackwhile you continue to learn and consider the other possibilities you mentioned.