It's definitely NOT dead, but, cash flowing or breaking even is significantly more difficult. 

Exit Strategy: How easy/difficult has it been to sell units in similar properties?

Matthew, Likely going to be difficult to find a bank that will hold a checkbook IRA LLC account and pay a rate.

Working with contractors can be extremely difficult as projects get delayed and there is poor communication(red flags were not present before project began).

I am new to RE investing and I am learning right now before I make my first moves.  Many of the BP podcasts are from a pretty young perspective, both in terms of flexibility and maybe even priorities.  I would love to...

They are difficult to finance and once the profit split with the hotel plus other fees are deducted from the gross they don't typically look like very good deals.  

Generically it is difficult for the Borrower or other junior interested parties to show they have damage that is improper above the implications of the security instrument being an agreement to be able to use the property to recover said funds which also means the property becomes Mortgagee's if no bidder exceeds the minimal bid.

But please keep in mind Irvington is a city that has extremely wacky laws for landlords, thing like rent increases can be extremely difficult.

This dynamic needs to change and hopefully difficult times like we are currently in will force limited partners to demands more transparency. 

This tells me two things: Obtaining a variance will be more difficult because there are already policy considerations in place intended to reduce density & (2) There is clearly an over supply of rental units in this area otherwise the overlay would not exist.