However I'm just trying to understand how you derive incompetence from my PM's Query?  

@Carl CoeSFH value is derived by market comparables.

Are they likely to view it in terms of what it can and has cash flowed with rents and derive a value based on that or are they likely to go off of the county's assessment?

Once you start documenting, you can start to derive your own principles from your lessons which you can apply to all areas of your life to help you succeed.

The value of commercial properties (multi-units apts. strip malls, office buildings, warehouses, etc.) is derived from the cash that it does, or will, generate.

Transitioning from derivative trading and looking to build a nice rental portfolio for myself and future family!

Typically, multi-family properties where the valuation is derived based on income generated from the property. 

I have several short derivative positions on.Who is buying in at these high levels and who is out completely?

If your investment debt is less than the income derived from it, then it is making you money.As long as your personal debt is in place, those monthly payments are making you need more income and thus more investment debt.  

Otherwise, see what you are able to afford financially, and possibly put more skin in the deal for a down payment to buffer your equity position.Also I'd recommend making a plan as to what you are expecting Real Estate to do for you down the road, derive a road map, and have an exit strategy.Best of luck to you @Alan Ferrante!