New field video is up. This one is a project walk-through update, but there is a teaching moment inside it that applies directly to every Bull-level operator in this community. The setup: two-property project. Front house and cottage on the same lot. Both needed significant work. The question at acquisition was not just 'what does the rehab cost' -- it was 'what does the property become and how does that change the income?' Here is the decision we made: Front house: add a room. Goes from 3 bed / 1 bath to 4 bed / 1 bath. Cottage: add a room. Goes from 2 bed / 1 bath to 3 bed / 1 bath. That decision was built into the underwriting before the first offer was submitted. The renovation budget included it. The ARV calculation reflected it. The rent projection was based on the post-improvement unit count -- not the as-is unit count. That is what a business plan on a property looks like at the L4-L5 level. You are not just fixing what is broken. You are engineering what the asset becomes. Shoutout to JC Contractors finishing the cottage and Fowler and Family Home Improvement, closing out the front. Execution matters. The contractors you build relationships with are part of your business infrastructure. And to the owners -- M&E Consulting LLC, @Michael Miller, -- for the discipline to stay the course on a project that has been running through multiple phases. That is what operators do. Cohort reminder: we are running through December 2nd but enrollment closes after October. If you have someone in your circle who is ready to build -- send them in now. The window is closing. L4-L5 operators: on your current or next project, what is the value-add move you are building into the underwriting -- not discovering after close? Drop it below.