3) If the market continues to go down, what should I be cautious about in developing the property now rather than later?

I would be very cautious about 2 things:First meeting with a guru pitching a deal like you were getting inside info on a smoking hot deal.....if its so good why aren't they doing the deal themselves ?

I think this is a tough sell... those with capital don't need you... those with limited capital need to be cautious lest they lose their capital with a new type venture.  

They likely wont have the time to explain every bit to you but you can at least see what they underwrote 2) there are alot of big groups that structure deals uniquely to pay out distributions early and it’s not always necessarily because the property is performing well so be cautious there when looking at their underwriting 3) just keep practicing.

@Sherry O.I would be cautious in saying that you failed.  

Not sure how to feel about that, I would be cautious with something like that.

Pro Tip: Your title rep won't be working at 2:00 am so if you get an email with new instructions, be very cautious.

There's a few complaints to be cautious about.

I've got a spreadsheet all worked up (with high numbers, because I'm cautious like that) That being said, I'm confident but not stupid.

If not, I really would say to be very, very cautious making your first investment out of state.