In accounting, ad particularly M&A we used IRR predominantly but for complicated asset pools with ever changing assumptions for projected time horizons.

My goal at the moment is not property appreciation mostly because I think that today's macro-economic RE environment is deflationary and will remain so for another year at least (which is my time-horizon for a purchase).

Private Money is on my horizon, and I want to get a head start on knowledge.  

Good for you and your partner to have the opportunity to consider expanding your horizons.

Another budding problem on the horizon for  a myriad of other states is the pension crisis.   

I think that your strategy of buying into a strong market without regard for timing can certainly work for someone with longer investment horizons, but my own are limited to acquisition during a downturn, a rapid value-add, and a couple of years demonstrating rent growth to exit at a lower cap and an appreciated property value.

If an investor's time horizon to sell is 8+ years, they are buying homes at market rate right now. 

With BP I also Have been able to motivate myself, get inspire and motivate others to also expand their horizon and look at the limitless investment possibilities that can happen in RE Investment by hearing Bigger Pockets PodCast.It hasn't always been a Rainbow with potlucks, but It has been worth it every day. 

Note funds are usually for periods of fewer than 5 years so you have a shorter time horizon for committing your funds.

Buying raw land is usually a longer investment horizon, but as you know, every deal is different.