The rapid screen
Use a short sequence: owner openness, accurate use description, building and council red flags, guest and operational fit, rough conservative economics, setup exposure and alternative-use fallback. The purpose is not approval; it is deciding whether deeper work is justified. Time-box the screen and record assumptions. A quick calculation can eliminate a property, but it should not be used to authorise launch.
Fatal flaw versus open item
A fatal flaw is a failed non-negotiable condition, such as refusal of informed consent or economics that remain unacceptable under any realistic term. An open item is evidence that can be obtained, such as written strata rules or an insurer response. Assign each open item to a person, source and deadline. Too many unresolved high-impact items may justify pausing even when none has failed yet.
Decision memo
Summarise the property, proposed model, preliminary strengths, risks, assumptions, open items, rough financial range and recommendation. State what must be true for the recommendation to change. This memo creates an audit trail and helps prevent later optimism from rewriting the facts.