@Kin Leung Commercial lending puts a large emphasis on Net Worth and Liquidity. 

Emphasis added

So basically, I just kept recycling the same money over and over, with an emphasis of buying undervalued properties, that I could pull more equity out after each refi. 

.- Emphasis and competency in real estate.- Investments will be buy-and-hold, so ideally I would like companies with which I can build relationships and receive future counsel for landlord-tenant issues that may arise so I don't have to constantly be attorney shopping.- Ethics and integrety

Now, if you're going to employ a strategy that relies on equity to obtain more properties or you know you're going to start in SF and then cash those properties in so you can move into MF, you'll want to place more emphasis on appreciation.

Also, i have great hair.My experience in investing and emphasis on education allows me to set a comfort level with your clients, so that they are more confident in their choices and mitigates some of the "buyers remorse."

If too much emphasis is placed on the hope of appreciation alone then the term is justified.

I got a college degree in business with an emphasis on real estate in 1980.  

@Cameron Tope  curious about your emphasis on a title company in this transactionbefore the anti equity stripping laws went into effect on the west coast I did well over a hundred of these and ( we were buying pre foreclosure normally 1 to 3 days before the sale) So we did not use a title company..

It's fantastic knowing that more emphasis on real estate rental income will win against any other option.