This is passive investing as a Limited Partner in real estate.We can see experience in Assets Under Management (AUM) or the number of full-cycle transactions (acquisition to exit) showcasing operational expertise and the outcome in ROI to investors.Operational expertise in passive real estate investing is the ability of the operator to acquire the asset and execute the plan and increase the value of an asset through strategic execution.

You can be a bottoms up person and try to pick winners (something like NVDA as I post this) or take a top down approach and focus on cycles and sectors.

Hey Bob and Justin,The development discussions around here seem to go in cycles.

My last three full-cycle deals all performed above 20% IRR, even significantly higher, but I don't expect any that are acquired today to see those kind of results. 

Here is some potential advice:  If you can get a 30 year fixed rate mortgage, I would refinance with what will be the absolute bottom of interest rate in this real estate cycle. 

I had several instances where the cycle of receiving a payment only to find out later it was a Non Sufficient Funds payment was taking 10 days to cycle back.

In fact, we are approaching just such an an economic cycle.

As long as the numbers make sense then you'll be fine in any cycle.

It's a never ending cycle of bad juju man.

Scotsman Guide and Private Lender Link are really good resources too:We're coming to the end of a market cycle, and hard money lenders are really getting competitive ... pushing really low rates and points and high leverage..And this is growing in conjunction with more Non-Prime Loans...Feels like 2005-2006...