@Ryan Rodriguez I don't think hands on experience is critical, but it helps to have it when people try to blow smoke up your arse (which, not surprisingly happens a lot in construction world).  

This is why it is so critical to be able to save your old Estimates as Templates that can be used for future projects!

No critical path visualization and no way to track all of the hard costs associated with a build.”

Although backtesting is critical, it is important to have a forward-looking outlook to determine if the strategy can be consistently applied across multiple deals. 

For something like this, understanding their why is probably more critical than any other part of the deal.

It is critical to make sure your plan is thought out thoroughly.  

Call LAPD and ask about the complex and the area.Has LAPD pulled out of the area and it's now patrolled by the Sheriffs department or State Police due to massive overwhelming crime.Also are most of the other apartment buildings on the street matchy-matchy, or are the buildings very dissimilar?

Conservative underwriting from a proforma and debt perspective is also critical.

Take the emotion out and be critical.

@Engelo Rumora Sorry, I didn't add a critical detail.