Thanks @Ned Carey  I agree I have made some assumptions that may or may not pan out. 

Will be entertaining to watch these guys get cleaned out / start jumping off bridges when rates rise on their max leverage IO loans, pref investors bail, and their models' 3.75% exit caps don't pan out. 

(These markets are not as attractive to  flash in the pan investors.

They might be #1 in the Bay area after they purchased Alan Painel and Pacific Union.

Eating at a restaurant works for those that don't know how to cook, have no pots and pans and are too buys with their work to come home and cook.

I don’t have any issues with purchasing now if the numbers pan out, equity is there and the rent is right.  

Well.... how has that panned out?

I think you may be operating under a few assumptions that I'd suggest re-considering...First, buying a cashflow negative property with the assumption that it will appreciate and become cashflow positive in the future is the definition of speculation. ...which begs the question: do you have a net worth that can withstand the hit if your speculation doesn't pan out?  

I assume since you posted at 8pm pacific time and had a noon today deadline, if you’re in the US you passed. 

I would recommend working with your CPA or attorney on entity structure and actually having a pan and ability to move forward with the p,an before going to the expense of forming the entity.