We’ve progressed on terms since my original post and wanted to share the updated structure in case anyone has thoughts now that it’s cleaner: 5% seller carry2 years interest-only to startballoon at end of year 5Purchase is still $1.2M total, but now separated as:$700k building$500k FF&E   Business context: this is a 50-year small-town staple pizza shop in Colorado.

I have also progressively given her more apartments to lease over the past 2 years. 

Looking forward to seeing your progress and deals here.

But the real opportunity isn't the plant itself—it's the housing shortage it creates 15 minutes down the road.When a $30B facility breaks ground, the demand for workforce housing explodes in a radius around it.I am currently seeing a massive disconnect in the market:Sellers in secondary markets (like Grayson County, TX and Bibb County, AL) are still pricing land like it's 2020.Developers are desperate for inventory to build modular and single-family subdivisions to house these new workers.My acquisition desk is strictly focused on this "Path of Progress."

It's very much a work in progress, but I'd like to be able to compare year-over-year numbers moving forward to help me identify what went well and poorly.

To your point, focusing on "in progress" projects will help as opposed to "potential" projects still in the pipeline.

Tulum is the last stop along a rapid and profound Path of Progress.

For now, policy remains restrictive, but the tone suggests the bar for additional easing may depend less on labor market deterioration and more on clearer progress toward the inflation target.Markets are mostly unchanged, but we are seeing slightly higher short-term interest rates – stocks are bouncing around a bit as well.

Meanwhile, inflation readings were constructive: headline PCE and Core PCE both continued to cool, signaling further progress toward the Fed’s inflation objective.

Markets are overwhelmingly expecting the Fed to hold rates steady, framing the decision as a pause to assess cumulative progress rather than a pivot toward renewed easing.