Five questions.
One memorandum.

— I · INTENT

What is the mandate of the capital?

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• ○IncomeCash-on-cash, operated rental yield, distribution discipline.
• ○AppreciationCapital growth over a 5–10 year horizon. Yield secondary.
• ○Income & lifestylePersonal use 6–10 weeks/year, balanced rental performance.
• ○PreservationTrophy asset. Hard-currency hedge. Generational hold.