Advanced

Tell core-plus, value-add, and opportunistic apart, and the four ways value-add fails

Source candidates off-market and run a 15-minute screen before you commit

Underwrite the two-period model: as-is NOI, renovation budget, and the stabilized value

Compare build versus buy on development spread and yield-on-cost, and make the call

Run a feasibility study and back-solve the most you can pay for land

Work the entitlement process and price the premium on entitled land

Use depreciation to shelter cash flow, and plan for recapture at sale

Run a cost segregation study and the four property categories it reclassifies

Defer gains with a 1031, and avoid boot with the 45 and 180-day rules

Tell GAAP from tax basis and accrual from cash, and why profit is not cash flow

Read a property income statement and normalize a T12 for non-recurring items

Work partnership accounting and a K-1: the boxes that matter and your capital account

Structure the raise: two-party JV, syndication, or fund, and the economics of each

Stay inside securities law: Reg D 506(b) against 506(c) and the accredited investor test

Build the package: PPM, operating agreement, and subscription docs

Treat leasing as asset management, where TI, free rent, and commissions are capital

Read the submarket on vacancy, availability, absorption, and a live rent survey

Negotiate to protect NOI: TI allowances, net effective rent, term, and guarantees