I would say when you have significant assets to manage, kids to consider and things like trusts, life insurance and other vehicles come into play.

It’s not just about the numbers on paper -we want to understand the story behind the deal, the market drivers, and whether the operator’s plan aligns with realistic performance.

From there it's just about making your vehicle of how you pitch to them, and how you get that pitch in front of them. 

Acquisition Fee: biggest driver I see (and apparently all institutions too) is level of acquisition fee.  2% or less is ideal. 

Nowadays-  those lots are hard to find for $100-150K and shovel ready (those with utilities in place) can often ask $250K+ in prime areas with ocean views or access and they are increasingly few and far between and sell FAST - because they are worth at least a bitcoin or two..There are a lot of drivers of PNW coastal appreciation including; societal and environmental refuge and retreat,  generational wealth transfer, demand growth, invest-ability and maybe most importantly - location.

Then repeat, over and over.See, the property is just the vehicle your cash is riding from one stop to the next. 

.🔹 The Domestic Feeder – U.S. investors put money into this vehicle, which then invests into the master fund.

Your W2/day job income is the primary driver of your wealth for the first half of your career. 

Now its just filled with bad drivers from out of state.

Gold is good to have but to have as your only investment vehicle would be wild