When it comes to investing, there are always risks. Despite countless resources on how to vet operators and deals, the most important decision you’ll make is who you invest with. Proformas and projections are at best, educated guesses, and things rarely go according to plan, so the differentiator is the operator. The best operators have moral fiber, and as important, successful track records, competence, and an ability to adapt to changing circumstances on the ground. Litan Yahav, an experienced passive investor, invests with either people he knows personally, or is referred by someone he knows personally. Litan believes the operator is more important than the asset class or specific deal.