I’m currently evaluating whether to go with a Fund Model instead of a traditional JV for an upcoming multifamily project, I will be working as a developer looking to do work with a more experienced developer on a larger scale multi-family opportunity.

Perhaps one day, I will come to understand your business model, whether with NextLevelEquity.com, or Goodin Development.

Not 100% sure if they have but I know what the model was when they begun and that middle part.

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If you're starting with this model, it can be highly beneficial as it allows you to gain first-hand experience with the daily operations, actions that must be taken, requirements, market demands, and more.

Now you are telling me my critique of of your business model "gives you motivation".

If you need 10 minimum and have to hold those non-paying tenants until you get 10, what does that cost you in your financial model?

It's that the PM model itself is flawed. 

Post construction appraisals for this model are coming back at $377k.

For STR, AirDNA is the most popular option of course, but the pricing model per city is rough (if it's still like that).