Simple pipeline workflows with automation and a database of contacts.

My tenants are psychotics or mutts, @Luke Carl would never rent to one of my tenants, and likewise, none of his tenants would have any reason to venture in to my town. 

If they're equitable owners theoretically it should be a bit on the higher side, but tied more to the profit of the venture itself. 

I cannot speak about specifics in the Seattle market, but $165k doesn't sound like a lot to work with in that market, unless you are going to venture out into the tertiary markets well outside of the Seattle Metro area.We used our HELOC, $175K, to fund the purchases of BRRRR properties out of state.

Another book that is right up there with Brian's is Investing in Real Estate Private Equity: An Insider's Guide to Real Estate Partnerships, Funds, Joint Ventures & Crowdfunding.

Wholesaling isn't a passive real estate venture, it's more full time.

:-\Good luck in your new venture!

@Randall AlanWe joint venture on fix and flips as well as buy and hold.

I've been learning getting ready for the real estate venture I am going to start with my brother, and my stepfather using the BRRRR method, but before I get to that, here is my current dilemma. 

I've never seen a DCF analysis on a real estate venture, but I suppose the answer depends totally on your perspective, even within the same investment.If I am a young person with not many investment options, my discount rate might be what I can easily get in traditional investments with a risk-adjustment, say something like 5%If I am an accredited investor with access to numerous private deals, I might look at the average of those deals and call that my discount rate, and that might be something like 15%.