Third, if they have $2bn of agreements (whatever that even means) why haven't they actually started building anything or even closed on the land.  

Gotta work on that reading comprehension, Drew.The second and third sentences of my post are literally:"I lived in Detroit for 5 years before moving out of state, and during that time, I built a strong network of contractors, handymen, and other boots-on-the-ground contacts.

As for the third target market, Sacramento is close to you, it's a state capitol, relatively inexpensive, two major universities, great local culture...

I’ve had to widen my search radius to smaller suburbs or target properties needing light cosmetic work to make the numbers work.Value-add opportunities: Adding amenities tenants love, like finished basements or upgraded kitchens, seems to justify rent premiums in this market.Navigating the competition:Be creative with financing: Seller financing or partnering with other investors has been helpful to secure deals when conventional offers didn’t cut it.Work with local agents and wholesalers: They often have their finger on the pulse of off-market opportunities, which is critical in a hot market.For those new to suburban Chicago investing, I’d say the key is finding the “sweet spot” neighborhoods—ones on the rise but not yet maxed out in price.

I understand that they operate in real estate under one of a few exemptions from registering as a security with the SEC.

As soon as a tenant fails to pay rent, you can file a complaint without waiting 30 days or issuing a separate notice (unless your lease requires one).That being said, it could be a waste of time/fees to run to court because tenants in NJ may come even on rent (even after you win the eviction case) and then they won't be evicted: “The tenant shall have three business days after service of the warrant for removal to pay all rent due.”

I've never completed one RE deal. 

In my case, I have residential rentals in one LLC, commercial properties in another, self storage in a third, and my real estate company operates in a fourth.

To the point above, then there would be comps and BRRRR may be viable for the third and subsequent properties in the same market.   

Quote from @Stephen Fleming: Quote from @Caleb Brown: I would do one thing at a time.