I apply a similar philosophy to underwrite all my investments to max my upside potential while hedging my downside risk at the same time. 

To me, when someone talks about the philosophy of paying cash to purchase properties, they don't mean taking $$ off of an existing property to buy a new property but rather using funds made from your main source of income to purchase homes cash.

My philosophy is to split the gap between market rent and current rent, raising it to the midpoint to reward and keep tenants.  

Its like a purists approach to turnkey which is a philosophy I have been preaching for years (with very few listening or caring LOL).  

You will always be on the right track if you keep following your own philosophy: "Of course I would only buy a home if it already has equity"!

Just doesn't align with my long-term philosophy.

My philosophy is to create the best offering for the best tenant in the neighborhood.  

That philosophy goes a long way to make a good landlord/tenant relationship.And don't be a bully trying to sway them over to new rules.  

Go out to lunch with them, go their offices and get a feel for their style of doing business, and their philosophy towards managing rentals.

Prior to law school I was an Army Ranger and prior to that I studied philosophy at VCU.