Then there are a few more hurdles (and more time & carrying costs) to overcome to obtain final site plan approval.Having finally made it to final site plan approval, there are still the issues you're already familiar with - e.g. which side of bed did the inspector get up on that morning?

I was fitting this into an awkward schedule.The Facebook group was welcoming and fun to lurk and read posts, getting a feel for the community.Contracts in the document library were great – but overwhelming (you’ll see this phrase a lot)This was a main value for me – hiring lawyers to write contracts without knowing potential pitfalls or where I could/could not protect myself was a major concern.These contracts are worth the price of admission and only available w/in community.These contracts cover Joint Ventures (JVs) between parties, Creative Deals and non-creative deals, WRAPs, RVs, Automobiles, Leas Options, Wholesale Assignments, Hybrid docs and more.I haven’t actually gone through all of them yet.Tens of Thousands of dollars have been spent refining these contracts and just having access to this library was worth the price.

My biggest hurdles now are: finding and trusting the right agent (Denver), and  lender. 

So there is no single projected return, no single actual return, no single experience (and it instead is a huge variety).I feel one of the main advantages of passive investments (via syndication/crowdfunding) is that I can hire a manager who has years more experience than I can ever hope to obtain myself.

@Andrew Montgomery - If you're goal is get to 10 properties in 3 years you'll need to figure out how to "recycle" your money that you invest in real estate, mainly by either BRRRRing single families or doing something similar with multifamily.

An example would be a realtor brokerage that buys a mixed-use house in a downtown area, uses the main area for the brokerage office, and subleases/rents any remaining space to other businesses/tenants.

Who knows that you Jon Krauser, living at 123 Main Street became motivated?

My main question is regarding depreciation.  

The main worry being that a good deal made today may not be a good deal tomorrow. 

I reviewed your analysis, and it looks like the main issue is with the points calculation.