Not doing so would be unwise, especially in an unusual situation like this where he has already been accepted and the reason for denial is difficult to quantify. 

be organized.Example:3 months goalEnroll in real estate class-network and meet at least 3 real estate related professionalsSave XXX dollars toward first purchaseWork on marketing strategy, and overall strategy (define markets, focus will be SFR, buy and hold with 150.00 cash flow etc) 6 month goal--pass real estate exam--Save xxx--Improve credit score from 675 to 745make these goals quantifiable and specific, in other words you can cross them off when you get them done.The plan won't be perfect buy it's a plan and you show you are executing on it. 

Emerging markets have been harder to quantify in terms of % appreciation gains in the future.

There is a lot to love here that won't be quantified in traditional stats/logic UNTIL you come check out DSM for yourself... 

If you don't panic but work through difficulties and overcome obstacles, you reduce your risk.I don't know how to quantify it on a scale because every deal and every investor is unique.

etc etc.. in the land development game you wont know what your going to end up with months to a year or more later and you will never quantify your costs etc until you have all approvals and your conditionals of approval from the planning department.. 

Obviously many costs are unexpected and can be difficult to quantify. 

To me it's clear from your posts that you have a good handle on quantifying your risks and rewards.

Wear-n-tear may increase with higher occupancy, but it can't easily be measured and quantified, so leave that bit alone.

If you can quantify the risk there are some good passive investment opportunities.