As you indicated, make sure you leave something in the plan for contingencies (absolute minimum of 10%), and keep in mind the cost to hold during the time it's under construction and being marketed.Make a plan, check it twice, and decide if it's worth the effort. 

." - which to me indicates the same doubts that I have about the legality of the IRS position.Until the IRS is challenged in court over this position and loses, I choose to comply with their position.

First, there are small grammatical issues with their website that could indicate it might have been built by someone whose native language isn't English. 

Because the volume of deals done in the group indicates they might be overpaying?

Jobs are always a good indicator of growth areas especially good high paying jobs.

I'm starting to hear more chatter about this mysterious "wave of foreclosures" that was a frequent claim/projection back in 2021, which didn't happen then, and by all indications is not going to happen now.

The problem comes into play when those milestones are not good indicators of one’s progress towards a goal.

In addition, modest increases that take cost of living and other indicators into consideration is a reasonable way to assure longevity among tenants.  

None of the resources indicated the kind of changes to the law as you had suggested.

For instance, depending on your location insurance costs could be much much higher than indicated in the book, construction costs are a lot higher, etc.