Most investors don’t lose money on the purchase price. They lose it on assumptions. If you want to invest like an operator (not a gambler), these are my conservative underwriting non‑negotiables: - Vacancy: if you underwrite 0%, you’re underwriting fantasy. Build in reality. - Expenses: if the seller “estimated it,” I don’t count it until it’s verified. - Debt: if the deal only works with perfect rates, it doesn’t work. - Reserves/CapEx: protect principal first. Cash flow comes second. - Exit: if your only exit is “sell to a bigger fool,” it’s not a plan. Pack question: which one of these do you struggle with most right now—vacancy, expenses, debt, reserves, or exit? Comment the word + 1 sentence about your situation and I’ll reply with the next best move.