That's of course the challenge with data - it can be a slippery slope, which is why I don't draw hard conclusions but prefer to observe and just remain generally aware of current trends that we see.

Observe the site, the organization of the site, the workers attitude to the work.

Its great you have connections to assist with the every day - right now, though, while you're looking at the financial aspects and wanting to make sure the numbers work - connect with local REI professionals such as real estate agents, property management teams, and lenders who can help provide insight to the market, as well as what they observe others are doing in the same market also.The majority of the folks we work with now are out of state and the number one issue is finding the right market for their REI model... and then finding lending... being able to run comps and assess your numbers will be key in making sure you buy successfully.

Tax records, a profit and statement and I believe they ask for access to your bank account records for verification is what I've seen in my observation, **but of course, I'm not a lender so you should double check with someone who is ; )**

I was making an observation that many operators will find that underwriting deals to make the numbers work with the new loan terms and reserve requirements (albeit justified) will lead to less new multifamily deals and less operators that can qualify within the framework of the new lending standards and reserve requirements.

There are a multitude of ways this isn't adding up, as you are observing.

Wish I could help in regards to New Zealand investing, but I'd be curious as to what some of the major differences are in your observations?

Through BiggerPockets, I identified the realtor I wanted just by observing his knowledge of the market, his own investing experience, and his responses in the forums. 

My realtor told me that the appraiser did a more thorough job observing the home than most.

I have spent the first week lurking within the forums and observing the interactions between individuals before making a formal introduction.