The financial model presented seems overly pessimistic.

That can change the value but the AVM models can't factor that in. 

We've built a model for Northern Nevada that analyzes ever single family and multifamily property on the market and ranks them by cap rate. 

The mid-term furnished rental model  has been a consideration.

For development, like she mentioned, the Urban Land Institute has online courses on various aspects of development, as well as on financial modeling for R.E..

We've spoken several times with an attorney who specializes in this area of law, and he's assured us that our flat-fee investment club model is well established in the law and that we're not selling securities.

Not impossible but not a model that works as easy or as well as it did years ago.

In addition, as a learning experience they can try alternate rent models such as rent by room, STR, MTR. 

Hey Alex, From what I am seeing and hearing from the agents/investors that I work with, a lot of investors who own properties are starting to transition from LTR to MTR/STR model, and housing professionals/nurses + the occasional booking on Airbnb/VRBO.  

well any pay 20k to a guru for that business model.. :)