I haven't done this before but it's a natural evolution from raising money on a deal-by-deal basis. 

How do you see the evolution of your cap rate within 1-3 years ?

Do I think the financial landscape as we know it is going through monumental, necessary and painful evolution? 

I am sure some of have seen the evolution of restrictions being wrenched up over years.

Trade my sheep for your calf>> give you $5 in cash for you calf>> use my debit card to buy your calf>>BITCOIN for your calf.It's evolution.

And the evolution continues... apparently cellular networks are now considered reliable enough.

These days, I can estimate rehab costs in about 5-10 minutes walking through a property.It's an evolution, and the more you do it, the better you'll get...don't compare yourself to others, as everyone is at a different point, and we've all been where you are learning to do it for the first time...

Point is it's a big unknown so keep it simple, leave door open to evolution. 

William Jennings Bryan had it right then and he has it right now (in economics, not evolution.)

Regarding appreciation, I'm quite fond of the forced one, it's difficult to rely in the evolution of the market even this one looks favorable : I'm thrilled with the super positive waves of this city.