I also want high skin in the game, conservative leverage and reasonable fees.Open-door isn't a match for me (and an easy "no") because they don't have that type of experience.

Who is tariffed, what is tariffed, what exemptions, and how much all play a role. 

I think real estate investors in the game just become confident as to handle new challenges and they call that being experienced - Just like parenting: you think you are experienced with changing diapers, but the child is growing-kindergaten-grade one-baseball/soccer- soon teenage and the jazz goes on - grandparent

In this game, there's always something! 

So I used to work for a basketball tournament that played in Washington IL every year and so I often visited that town plus Peoria.

I can tell they are both on top of their game.

@Edward Toomey V I feel like this is a frustration for us all in the property management game.

Is this ultimately a land play? 

Compounding on one another sure that will have a big impact on the market but there are a lot of factors at play.

The theory is spot on, in practice however that logic rarely plays out - at least in recent years where multifamily has been crazy.