You catch fish with a wide net, you catch a whale with a harpoon (sorry, that analogy just came to me)

Compound that with the extraordinary prices of building materials, plus  a shortage of contractors, and you get an environment that is much more tricky to produce a good deal. 

No qualifications or explanations needed to pull my own money out.Some of the bigger fish and more experienced guys might or might not agree with this, but as a little fish trying to come up in the world, this makes sense to me...Thoughts?

To be direct, I don't think the FHA program works in such a competitive environment as NYC.

This is a different environment than the past few years when the spread between the shorter and longer term bonds was very tight, even inverted. 

None of this takes into account eviction moratoriums etc. we have in our current environment.

I think the most important piece at the very beginning of your research is finding out the regulatory environment for where you want to purchase.

I have seen good syndicators embedding higher exit cap rate environments in their prospectuses to lean on the side of caution as well so that is a potential double whammy . 

@Jay Martin I would find a brokerage that can teach you to fish...When you get a lead, you ALWAYS follow up.

But in this same environment, will our policy really earn 7%?