Practice · evidence · revision

A conditional deal-underwriting memo

Evaluate a fictional deal with transparent income, costs and downside assumptions.

Before you begin

Complete the Explorer concepts or demonstrate equivalent vocabulary and arithmetic.

Institute-developed learning material. Cases are fictional exercises; completion and quiz scores do not certify professional competence.

Your learning sequence

Read the lesson and explain its main idea without looking.
Work through the case. State the evidence and an alternative before viewing feedback.
Complete the lesson’s practice task and keep the result.
After a gap, revisit the question from memory and correct your reasoning.
Assemble the three project deliverables below and seek suitable feedback.

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Lesson-by-lesson practice checklist

Influence and organization: make reliability visible
Create a five-item review plan with an owner, deadline and evidence requirement for each item.
Composure and confidence: how to carry yourself under pressure
Name the gap and the person who can resolve it.
Reconcile the rent roll with the records
Reconcile a fictional monthly summary.
Understand net operating income
Recalculate NOI if operating expenses rise to $43,000. Record the resulting $65,000 and explain the change.
Read a cap rate without overpromising
Calculate the cap rate for $65,000 NOI and a $1,000,000 price. Write why 6.5% is not a promised cash return.
Ask whether income covers debt service
Recalculate coverage with NOI of $56,000. Explain why 1.00× leaves no surplus over the stated debt service.
Plan what to check before making a commitment
Build six due-diligence questions and identify the specialist or source needed for each.
Know when environmental review belongs in the plan
Assign a specialist review to a historical-use question.
Budget the work before promising an opening date
Separate essential work, estimates and dependencies.
READY checkpoint: explain the decision
Prepare a one-page recommendation using the fictional numbers and label every unresolved assumption.

What a strong submission shows

Reconcile units, periods and calculations
Distinguish projections from contractual or observed data
State conditions that would change the decision

Revise any unsupported claim, missing calculation or unsafe assumption before requesting review. A written plan is evidence of reasoning; practical competence requires the appropriate direct observation.

Your practice workbook

Use fictional or redacted details. Link to your practice evidence, or describe it here. No real client, patient or financial identifiers are needed.

Loading your workbook…

1. An income and expense model with documented inputs2. A financing and downside comparison3. A due-diligence checklist and conditional decisionEvidence and source logFor each important claim: source, date, what it supports, and what remains uncertain. Label invented case details as fictional.

Review against the criteria

“Evidence present” means you can point to your work. “Reviewer feedback recorded” requires actual feedback; it is a self-report, not automatic approval.

Reconcile units, periods and calculationsDistinguish projections from contractual or observed dataState conditions that would change the decisionFeedback and revision logRecord who reviewed which work, their actual feedback, what you changed and what still needs attention. If no one reviewed it, say so.

Sources and their limits

Reference check: September 8, 2026. Links support the stated topic, not every sentence in the course. Examples, project briefs and rubrics are Institute-designed. This is not a claim of accreditation, source endorsement or independent expert review.

FDIC · Commercial real estate lending ↗
Lender risk and cash-flow review context; not an investment endorsement or a forecast.

For decisions involving health, regulated practice, contracts or money, verify the current rule, actual product or individual circumstances with the appropriate qualified professional.

Review the 100 #Day1 notes →