., there's almost definitely significant value in some sort of proof of concept.

You will also need SOLID proof of mismanagement, not just being unhappy. 

We are invested with a couple other operators as well as BAM, and I have to agree with Ivans position, its the tortoise vs. the hare....The overall proof is in the exit and I dont see that for a few years - but have been surprised before.

I asked for proof (receipts, itemized costs, etc.), but he hasn’t provided any satisfactory documentation. 2.

It's not fool-proof, but I think odds of earning 7.5% using a barbell strategy in the average year on your money is 97% likely with very very little effort. 

A loan commitment letter carries more weight as it confirms lender approval, signaling a stronger ability to close.Addressing Closing Concerns: A commitment letter meaningfully reduces concerns, especially when paired with proof of equity and a track record of performance, even if on smaller deals.What Brokers Look For: Key factors are a reputable lender, clear terms in the commitment, and evidence of funds for equity and reserves.

Proof?

As of today, May 19, 2024, he is advertising a single family house for sale in Rosedale (Queens), NY for $250k, while stating that it will be a short sale once a prospective buyer makes and offer that's accepted by the seller after providing proof of funds. 

What this also does is give me the chance to prove that its a good property, operate it to my written plan and present my 18 month historical financials as proof.

Most lenders require some skin in the game, whether it’s a percentage of the purchase price or proof of reserves.