More of a timing the cycle of my market thing for me than a return metric.

If you hold forever and rent, it doesn't matter, but personally I would like to have either the rent or quick sale option open at all time because of economic changes that always show up in cycles.

We are currently cycling through a 4 plex, replacing carpet with Luxury Vinyl Plank. 

That’s likely an extra pay cycle and if they can’t pay after that, they either lost the job or can’t handleMoney.

Otherwise, a person desiring a product cannot acquire it.Real estate cycles cause fluctuations in the four elements of value.

Particularly the business cycle theory. 

   - Given we are at the end of the cycle, cap rates on multifamily especially are very compressed.   

The market here is pretty much at the top of the cycle.

For a large syndicator who is constantly cycling out of deals, the idea of co-investing is fairly easy...but what about the company in growth mode who isn't cycling out of several deals per year?

The boom-and-bust cycle probably started in 1849 with the California Gold Rush.