1. Selecting a property that is priced at an initial yield that is not too low.
It means, the net cashflow divided by the cost of buying the property is not too low.
2. Executing the acquisition transaction effectively.
It means, the process of dealing with seller, valuers, lawyers, tax office, planning office, land office are all done properly
3. Managing the property well.
It means collecting rental, maintaining the property and increase the value by getting better tenants
4. Executing the disposition effectively by selling the property at a good time and/or to a buyer who will pay a good price.
Sell at the right time to the right buyer at the right price
-David Geltner, Commercial Real Estate Analysis and Investments (MIT)
(our comments are in italics)