Here it is:Last week I called up a family friend who has been working in real estate for decades... he's an agent, owns his own construction company, and is getting old :)I wouldn't call him a sophisticated investor, but he has the skills I lack and I think we're very complementary.

I did had a chance to purchase a Casino with 100% financing.

The way you become a sophisticated investor is that you keep reaching for greater success.  

Yeah...I feel I had more failures than successes so far but it's a matter of time before I buy casino and hospitals.

I believe that this may be because of less sophisticated homeowners who the HOA, their attorney's, and management take advantage of.An excessively high reserve is ripe for abuse.

I do not think any sophisticated seller would agree to the term.  

You can find ways to make it work, but it's pretty sophisticated/complicated for someone who wants a passive investment.  

The reason being that the clients are generally more sophisticated and I get a certain satisfaction helping businesses expand, create jobs, etc.

The more sophisticated way to calculate CapEx is to amortize the costs of those big ticket items over time.

I flew up to Reno once.. and had down time and lost all my money at the casino  ... and did not have cash to get my car out of the park and fly.. ( pre credit card days )  LOL.