Sometimes you may have to go through several iterations (mistakes, new things get added, etc.), but in the end, you should have a statement that will be very close to the final HUD-1. 

By the 7th iteration, that improves to as high as 90%.

I think Tim Burgess is trying to appease that group with the latest iteration of the proposal.

Improving the YE NOI then forces an appreciation and better value (as measured by a recalc of the CapRate).Iterate upon each new vacancy...

Otherwise known as the "BRRRR" strategy.With that said, I have learned enough already from the BiggerPockets podcast to know that having a plan is great, but more importantly I must be agile and take what my market will give me if I am to be successful in it.  

Each test of an idea is a single iteration in a larger process of many iterations whereby something is learnt and then applied to succeeding tests.

The RE game is fluid and requires a certain amount of agility but the more structure you can put around it the better chance you have of being successful (my opinion).  

For our clients we use Twilio, Zapier, and an up and coming CRM called Agile to pre schedule SMS marketing.

Tenants bear some responsibility for their own agility.

After a few iterations of this I had accumulated enough cash where I rarely had to utilize the HELOC for deals, though I still have it available if needed.