Until you can learn by doing, learning by observing those who are doing is good substitute.I would also define your market and get specific about details:  cost per unit for expenses (by class), what areas are growing, where are the paths of progress, are there any large projects happening that will impact the market (good or bad), who are the major brokers, etc.

I like having a tax team essentially on retainer to answer questions as items come up throughout the year2.)

Observe the reaction.

I think it would help a lot of folks who are trying to learn to underwrite MF - perhaps they pay extra attention to a few key areas if their IRR jumps too much.I've often found the rehab budget to be a key area, as well as overestimating the market at exit (too high sales price), & calculating your loan costs & cash out refi projections.Yes, I'll second everything Chase said, and add a few of my own observations:● Improper economic vacancy assumptions● Aggressive year 1 gross receipts projections (they immediately jump the income to new rents with no phase-in which is simply impossible)● Underestimated expense assumptions● Improper use of cap rates and/or incorrect exit cap rate assumptions ● Failure to properly account for property tax reassessment post-sale (in states that do this)● Basing exit prices on capitalized value of the income without accounting for the subsequent owner’s property tax reassessment● Failure to account for all of the costs incurred in putting together this type of deal and purchase real estate of this size● Failure to account for raising enough money to pay the down payment, closing costs, finance costs, syndication costs, immediate capital improvements and still have enough money left over for capital reserves

@Kyle Mccaw That's a great observation.

I am a capitalist because I believe it's the only system that works on a large scale (don't want to open that can of worms here) but I don't believe in completely uncontrolled and ungoverned capitalism because it allows for the powerful to retain their power forever at the cost of the many.

The trick is to follow a system that keeps all of your life data organized.Understand that as your business grows, as your investments grow, you will need to retain more and more data - more and more appointments!

Very good observation. 

Hello BP,Does anyone have any experience demolishing and rebuilding landscape retaining walls?

From observing my friends who did, I'm glad I didn't do it.