Your conservative banks will push back on LTV (basically come in at a lower number) and "claim" your in a commericial setting, but in all reality it's their standards and what they believe is commercial. 

In reality there is likely to be a need to light the pilot a few times over 12 years.  

HOWEVER...you have to consider reality.

End result is the market price has fallen but more significant the number of units being sold has stagnated.The reality is prices need to drop significantly before properties will start selling at a significant rate.  

While I am impressed with your enthusiasm, the reality of getting a project done and for a proper return on investment, whatever your investors may be looking for, is difficult.

Like @Mario Dattilo said, sometimes you will sink money into something that you don't close on or buy.

The reality is the opposite - if it's not in writing then the PMC doesn't have to provide the service or can charge extra for it!

Hard to predict the future but this is reality after the election??

The agreed upon interest rate is 5% amortized over 40 years, but in reality the buyer is reducing that to 30 years by paying 2969.80/month. 

So now that reality has set in level headed long term investors are buying as RE will continue to appreciate in the long haul and rates will sink.