My philosophy is you should be earning a 40-60% rate of return on your real estate investments.

What is your philosophy on tenant selection, getting properties rented?

- What is their investment philosophy?

I go by the philosophy of “I know that I know nothing” so I’m always looking to learn.

Lol, most degrees attained nowadays are not used.....lots of English/philosophy/sociology/anthropology majors working at Starbucks.... 

Each place will have slightly different philosophies in regards to this.

All of this really changes the type of advice that should be given as we can't rely on what we did or use to do, but it should be kept in line to current and even changing philosophies in the lending arena.

On the other hand, if the market is super hot then properties may become over valued ... when I see this and think there is more downside, market risk goes up and I counteract by deleveraging.It is largely a personal choice and some may disagree, but this is my personal philosophy and some practical examples on how I apply this philosophy.

He wants to buy and hold and bank his returns to prepare for his retirement (17 years).Any thoughts on the best way to bridge both philosophies in the same partnership?

I have a philosophy, however: No one gets a paycheck their first day on a new job.