Every opportunity is slightly different but generally the preferred is what comes out to investors prior to the sponsor sharing in any of the upside as per the terms of the offering, - whereas target annual cash is what the predicted cash flow to investors  will be as per the pro forma calculations.

I understand no one can predict it and we can't sit on the sidelines forever, my hunch is we might never see this high of a market again so paying close to market value makes me anxious.It's really the least of my concerns, but moving to the new house will be a reduction in space and privacy for me.

Ask yourself: how often is the best scientific knowledge WRONG about something so supposedly predictable as: the weather?

This will be my best move, assuming my prediction comes to fruition, LOL. 

That being said, the city has also been in steady decline for the last 50 years so predicting a recovery is not exactly a safe bet.

David-In addition to Chris' advice to talk to multiple managers of apartment investments, try to find a few local commercial appraisers and a few community bank commercial lenders, and ask them the numbers they would expect to see on a pro-forma for a property like yours.Ultimately, your real world numbers will always differ from the best intentioned prediction, so shoot for a range, not an exact number.

After all, Buffett, Icahn, Drunkenmiller, Paul Tudor Jones, Dalio, etc. do not necessarily all  agree on this.However, since an inflationary environment is more predictable (or at least more familiar to us), I find myself wondering what would be the impact to REI if long-term deflation comes upon us?

Now I have no mortgage and a line of credit on my home that I can use for other investments.I couldn't have predicted all this when I made my initial "investment" in the house; a lot of this scenario played out because of the housing crash.

You may be lucky enough to have a property that runs at 25% for the next 10 years or you may be unlucky and run at 85% over the next 10 years and you cannot predict what will happen.

How you have handled credit in the past as if it will help predict what you will do in the future.Specific issues to consider.US tax ID.US address as part of the score is based on your presence or lack of presence.History of having credit so working to get credit established.Assets that show up or can be verified.Bank accounts and other such things.You might need to do deals where you are effectively paying a bit of money just to build up credit.