This is a subtle difference in concept between underwriting to proforma vs. underwriting to actual, but has a significantly different result.So to determine your offer price you do what you should normally be doing (no, not cap rate!)

It's subtle, it's hard to explain but it's obvious when you see it.

The Subtle Art of Not Giving a Fck - a bit more of a modern take on some tried and true mental lessons

The best current book on generic real estate investing (although he's also the largest owner of mobile home parks in the U.S. but only has three pages devoted to that) is "Am I Being Too Subtle" by Sam Zell.

Be subtle with something like: Homeownership can be difficult.

Yet, there is the subtle pitch throughout the course and a harder pitch at end of each day. 

But it's still working for a paycheck, and we want to do more.The transition to investor is subtle, and you have to clear it with your brokerage, negotiate the terms, etc.

I'm sure there are subtle differences between all of these and between any two deals, but all are essentially the same concept.

It's also subtle so not too in their face.

I like to know both the legalities and the more subtle aspects of good business practices.