All I was saying Bill was that we have reviewed the system, and understand how it works....and although we have not used it, we feel the system has merit.

This may or may not turn out to be a deal that Caitlyn proceeds with, but I would urge her to make that decision based on the financial merits of the purchase.

However, now that I think I understand cap rates a bit better, they seem speculative, situation specific, and therefore unreliable as a tool for determining the merits of a deal.

I can see the merits of both. 

I am discussing the merits of loan pay down and cash flow with my business partner aka wife.

The law defines an investor as sophisticated if he or she has sufficient knowledge and experience in financial and business matters to evaluate the merits and risks of a prospective investment.

Just a few more:1) Meters are off or even pulled2) Uncollected mail3) Cars with expired tagsOnce you have identified the property, you need to qualify it as to equity to determine if it has sufficient merit to pursue.

Some lenders, like myself, will lend with no minimum credit score, and will underwrite the terms based primarily on the merits of the investment property itself (as opposed to the borrower's credit profile). 

The last 2 sentences do not seem to have much merit.

Look at it on it's own merits.