When we were doing demo, we found a toddler's  shoe in the attic, where the floor boards were not screwed in, in there were huge nails sticking out, scary and your heart just sinks that it's an accident waiting to happen!    

hit the nail on the head.  

Many look for higher margins, but in today's market you nailed it with a good one.

@Rich Rodman & @Josane Cumandala just nailed it for you. 

jhon you nailed it on the head with that zip code.

It was clear it was time to start stepping away from the hammer and nails part of the business. 

Nail down the appraisal.

You hit the nail on the head. 

@Ryland Taniguchi  little different story than your first post.. you made it sound like you were forced to do a JV other wise get nailed for unconceivable profit or equity skimming.Either way sounds like a big project hope it all works out

I don't see Hamilton or KWC being effected by anything short an economic disaster and a complete reccesion.P.S Roy if you're ever in my end of Ontario I would love to grab a lunch or coffee and debate some real estate,I always like seeing things in different light.You may disagree, but no real estate prices in any market - whether it be local such as Hamilton or Waterloo, regional (Niagara Peninsula), provincial, or national - cannot continue to diverge from the underlaying economy in that market (specifically household income) indefinitely.I'll poke the bear a little more and say there is no "ideal CAP rate" when you are acquiring ... the only time we look at CAP rates (or PE ratios in other business) is when we pan to sell as it lest us know where we can price the business.I'm guessing your young enough to have yet to operate through a serious downturn ... that's when I'll be interested in that coffee ;-)As @Roy N. points out, and hit the nail right on the head.