Lenders seem slightly more conservative on income coverage and leverage, but capital is still available for strong properties.

A clean, realistic scope of work and conservative ARV will go a long way in getting a lender comfortable.The other big lesson is that certainty beats chasing the lowest rate.

I’m also being more conservative with underwriting, paying close attention to cap rates, cash-on-cash returns, and potential long-term maintenance.

For rentals, it comes down to rent strength and DSCR  if it cash-flows conservatively, it’s usually a solid buy.

Some others consider my underwriting conservative, I consider it fairly accurate but hopefully a bit conservative.  

Got a statement every month from a very reputable, conservative firm.

I underwrite to be all-in at or under about 70–75% of conservative ARV, expect to leave a small chunk if the appraisal or DSCR comes in light, and only proceed if the cash flow still pencils after the refi.

Lock a tight buy box by submarket and vintage, underwrite to in-place income first, then model stabilized rents with conservative expenses and a true cap-ex reserve.

That means you can learn the fundamentals, start small with a single rental or duplex and then evaluate syndications with real operational context.You’re entering from a strong position - take your time, stay conservative, and the compounding will do its work.Always happy to chat more about what's worked for other investors.

There's obviously a point where we'd be better off paying the boot tax and investing conservatively in a brokerage account.......Thank you for your thoughtsWe left Seattle for investing reasons.