Its a poker game  let them play the next card

Those things basically read "You will not win if you try to sue me unless I am a high-level crook, so be prepared for that" -- and then you either like the operator/team/asset/location/asset class, or you can't deal with the passivity and lack of control.I get the same feeling when I play poker: if I think I can win, then go for it -- but calling the person who took your money a fool and requesting your money back just ain't gonna happen.I suppose one gets some measure of relief knowing the track record, the skills, and the integrity of the operator, and imagining oneself in a "herd" -- after all, these $10, $20, $50 million dollar equity-side investments don't happen unless dozens of doctors and millionaires have faith and confidence in the operator and investment.

The CoCR is one metric, but the Blue Pill also has a higher cash return per property value which is something else I was considering and I thought should be weighed.A little background on myself that may sway your decision, I played poker professionally for ~10 years and was able to amass a solid net worth in the low 7 figures. 

Ever notice how the new guy at the poker table sometimes draws a straight flush and does not even know it?  

It’s a numbers game really.

A great rule to live by, If you are playing poker and you don't know who the sucker is then you are it!

@Henry Lazerow I know at least 10 people on unemployment or furloughed, thats beside every poker room employee were I work.

Here's how I describe this:REI is just like Poker...not because they are both gambling (REI shouldn't be if done right), but because the most basic rule for success applies to both games. 

Those types of questions would likely help you find a reasonable upper limit on how much you should reserve.I would love to a large PM share their data with a mathematician, and probably a professional poker player :), and see if they could come up with some guidelines.

This is how I'm playing this poker game.