There are several basic mistakes:1.Over-Optimism: Most investors tend to exaggerate their own abilities. 2.Over-Confidence: Lends investors to overstate their knowledge, understate the risks, and exaggerate their ability to control the situation. 3.Cognitive Dissonance: Investors often have an incredible degree of self-denial. 4.Heuristic Rules: Rules of thumb that we employ for dealing with the daily information deluge by evaluating based on how closely a situation, person, etc., resembles someone or something, rather than examining and questioning; i.e., we "frame" and/or "anchor" the event/person/action.

I'm happy the rate decrease has been suspended, but you're way understating the impact on a $417K loan... $87/month.

However, I think you have to be careful the expenses aren't understated. 

I was thinking of just adding a prohibition for illegal activities under state or federal law.

The proforma expenses will be understated, and the rent will be top-of-the-market.  

I like to be understated in dress and automobile.  

Looking at the W-2 for 2014 his pretax deductions were $9307, so understates his gross pay. 

You will be competing with a lot of investors who are here in person and to say it's competitive is understating it.  

You are definitely correct about getting a good team together - the importance of a solid team cannot be understated.

., understated expenses and vacancy; overstated rental revenue), it seems critical in my mind to get a better sense of the financial metrics BEFORE placing a property under contract.