Normally, I would agree with you on that statement. 

Agree with @Chris Seveney- people LOVE making their ownership structures so complicated when you can mitigate risk in so many simpler ways. 

I do agree with that.

@Jeremy Hartwig, I know this is a slightly glib answer, but property is worth what a willing buyer and willing seller can agree on.You can use cap rates, but admittedly those can be useless too, for similar reasons that Kevin outlined.  

I agree with you.

You can make a new lease with that tenant proposing a rent raise anywhere from $300-500 but you have to be able to justify it (maybe the property doesn't have central AC, maybe you're planning to do some other type of updating but that can be hard when they're physically living there still if its a bathroom or kitchen) and I would also make it so that that rent increase would go up after 60 days of them signing and agreeing to that new lease. 

But I got really frustrated with developer who was unresponsive and lazy, unable to deliver quality results on timely schedule as agreed, so I fired her and decided to try Grumpyhare.com.

I agree with the posts above, save money and make yourself someone people want to lend to.  35% equity with no money in your pocket isn't a good deal for a lender.  35% equity on top of a 25% down payment with 6 mo of reserves in your pocket is probably a much better deal for a lender. 

I agree with other responses here, and to piggyback on them it seems everyone plans to 'own forever' when they sign a 30 year lease or finance term, and then things change (job, relationship, life events, etc) and folks try to sell the property with 25-28 years left.Banks do not look at power bills when determining DTI, but they will look at a solar loan/lease. 

Agree with Jonathan!