That background helps me not only find properties but also evaluate them with a strong financial lens to ensure the numbers make sense.Beyond real estate, I’m passionate about fitness, traveling, and (even through the ups and downs) cheering on the Dallas Cowboys 🏈.I joined BiggerPockets to connect with like-minded investors, learn from others’ experiences, and create partnerships that can help build wealth through Houston’s thriving real estate market.Looking forward to networking with you all — feel free to reach out if you’re interested in Houston fix & flip or rental opportunities! 

I've learned with time, to try to run a financial question through a, Financial lens, Behavioral lens and Emotional lens.  

@Josh Lewer really appreciate you taking the time to share such a thorough breakdown and even pulling in excerpts from the IRS Audit Technique Guide — that’s a wealth of information and I’m sure it’s helpful for anyone following along in this thread.Just to clarify the lens of my original question: I was thinking more from the perspective of an investor who is personally handling the day-to-day operations of their rentals (rather than delegating to a property manager).

I get it, I don’t always want to either, but if I make a passive investment and don’t practice all the work I preach, I do so knowing I’m taking a flyer.Comparing syndicates with index funds is legit from the lens of comparing return, but is unfair to compare from the lens of risk.  

I want to make sure I’m evaluating deals with a broader, more strategic lens. 

Most of my day-to-day involves helping investors identify distressed single-family homes that work well as flips or buy-and-hold rehabs.I primarily work with cash and hard money buyers, so I spend a lot of time analyzing deals through the investor's lens, considering ARV, rehab costs, and what actually makes sense in today’s market.I joined BiggerPockets to connect with other local investors, share what I’m seeing in the Tampa/St.

Investment Lens • The fact the house is priced low compared to comps suggests the market is discounting for risk.

If I start getting pulled into $20/hour tasks, I lose ground on the bigger picture.I like your note about Who Not How too—that’s a great lens for this.

Because I’ve been in the shoes of the developer, investor, and borrower, I underwrite with a different lens—looking at the numbers, but also at the people and the plan.

When we zoom out to the decades-long lens, the current level of initial unemployment claims has only been lower during the tight markets of 2018–19 and the post-pandemic labor shortage years but never before like today.