That number varies by state.Virginia - 4Maryland - 5DC - 6

@Mike Dymski, in my experience raising institutional capital early in my career, I would disagree about "following a sponsor" for years, and actually many of the deal level analytics (a majority of institutional investors invest in funds not deals), but your point is generally correct.Ultimately, what I see a lot on these forums is that a lot of people are relying on the investment manager to also educate them on macro economic conditions, which will always carry a natural bias towards their types of offerings.  

I actually rely heavily on my property manager.

When working with private lenders, the costs for preparing loan documents can vary based on a few factors, including the complexity of the loan, the attorney’s experience, and the geographic location.

The information contained in this post is not to be relied upon.

This way you will be able to compare contractors' estimates, which can vary widely.

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There's no right or wrong way to do this, just varying levels of risk and the only proper route is the one you understand. 

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What types of data or analytics do you rely on most when deciding whether to invest in a property?