Hi Adam, as others have insinuated I’d be overly analytical about price estimates and ensure that you’re factoring in a conservative vacancy rate, which is far more critical to overall profitability that night rate or estimates of gross income.

Question is - How critical and when does it make the most sense to do so?

At the same time, it  provides the developer the "comfort" of knowing that along with 3rd party consultant fees it is funding, earnest money is being paid as Milestones are achieved and de-risking the venture.Please let me know if you have any questions about the above and or if you'd like me to send a worksheet to you that maps out the critical path of the tasks, timing and Milestones.

Additionally, having a solid network of active buyers is mission-critical as quickly as possible.   

Judging a property's ability to pay you, with confidence, are critical elements in deciding if a property fits yours and your partners goals and strategies. 

Documentation is critical to cover any of the what-ifs scenarios that could happen and strain relationships, if not discussed and written down in advance.

Also, I understand that doesn't mean there's no such thing as racism, that this point is anecdotal, and that some people think Obama's approval rating would have been 100% if his name was "Don Smith" and he was white (spoiler alert - it wouldn't have been and some of us think he was a bad president based solely on his performance, but many people aren't interested in hearing a nuanced criticism of Obama's tenure - you're in luck because I'm not looking to give one!).

When investing out of state it's critical to have a good team (property management, realtor, lender, contractor, etc.)

Google it and here's what you'll find:  https://www.scottsdaleaz.gov/c...Don't rely on others for such critical information; it's readily available and so important to the success of your potential acquisition.

It's critical you learn from this, especially if you find another deal in the future where part of making the numbers work involves increasing rents.