I think PR is in expansion mode... at least I hope so.. when it expands I will buy all my mid west team members a subscription for Christmas presents and quit sending See's candy or  other gift packs  :)

The purpose of increasing it by a half-point or a point for five years' time is not, as many believe, to account for a possible expansion of cap rates in the foreseeable future", you asked If that is the case, then why do sponsors use it in their underwriting to come up with a future sales price?

For example, 3 things that if you also added to your original post would make it more complete and then I think it would be the ultimate seminal piece for anyone to learn about lending(1) Call out "delayed financing" term and connect it more explicitly to what you've written (as a n00b I didn't make this connection until much reading and research later after reading your posts)(2) Perhaps add this additional item that people seem to do that makes delayed financing another option when purchasing with cash if you feel it's legit (seems so): https://www.biggerpockets.com/...(3) Connect, expand and elaborate more on the portfolio loan side of things for a new RE investor with what you've already written - posts are focused mostly on conventional loans but for someone who is evaluating BRRRR in LLC from the start, such an expansion would be super helpful.