Rapid and accurate parameter inference for coalescing, precessing compact binaries

Extending prior work by Pankow et al, we introduce RIFT, an algorithm to perform Rapid parameter Inference on gravitational wave sources via Iterative Fitting. We demonstrate this approach can correctly recover the parameters of coalescing compact binary systems, using detailed comparisons of RIFT to the well-tested LALInference software library. We provide several examples where the unique speed and flexibility of RIFT enables otherwise intractable or awkward parameter inference analyses, including (a) adopting either costly and novel models for outgoing gravitational waves; and (b) mixed approximations, each suitable to different parts of the compact binary parameter space. We demonstrate how RIFT{} can be applied to binary neutron stars, both for parameter inference and direct constraints on the nuclear equation of state.