Also, I would like to better understand the fundamentals of why Germantown is up and coming. 

All (excluding lucky) successful fundamental investors and technical traders integrate a sound strategy for risk management, hedging is a component of what Buffet might call a fundamentally sound investment station. $66 is 1.2% of profit, if there is any chance of the described loss being incurred, risk reward ratios would insist hedging when it's cost is only 1.2% of profit.

Gulley has some excellent points about building your overall fundamental knowledge step by step in a progressive program.

I see where they are coming from, cash-out refi's can be hazardous unless there are very strong fundamentals on building/owner finances.  

Focus on fundamentals first. 

@Joshua Rosenwald Greater Phoenix (Phoenix, Scottsdale, Mesa, Tempe, Chandler, Gilbert) has strong fundamentals.

However, my full-time job in corporate strategy provides me three fundamental skills I believe will translate incredibly well to real estate:Quantitative analysis and model-building are core skills to being able to judge the value of a potential market / acquisition in my daily workMy daily success hinges on instilling efficient, scalable business processes and getting creative with incentive alignment to ensure everyone is working toward the same goalAs a strategist, my work on the above has zero bearing if I haven't earned the trust of those who must execute against them.

Fundamentally the manager could be treated as an asset manager and capital manager.

Based on the population growth, job growth, and housing inventory data I have, I believe the market performance of the past two year are a true reflection of the fundamentals - population increase, job growth, and lower inventory. 

Not usual lending practice, but some can or will underwrite the deal if there is an out where others will step in if the initial party fails.Every economic transaction action will have three of the four fundamentals of economics, land, labor, capital and entrepreneurship, or some substitute.