The reason being every site and project is unique, and while I do attempt to provide a reasonable estimate of what it will take to complete your project there are many factors outside my control.

I also know the type of home and insulation you have is a factor. 

The market is a huge factor in how far design goes but I feel like every one has tried to "out design" each other recently to where it is almost over the top.

Some have quotas, some don't.Like anything in real estate the gatekeepers of the knowledge are the people in the market on a daily basis. also greatly depends on the velocity in the market place the price points quality .. etc etc.. tons of factors for builders to consider when negotiating with buyers and or the buyers agent.

For small liens in the past we just included that as a risk factor.

I’m interested to hear how people value cash flow vs appreciation vs any other factors that they measure how beneficial their purchases have been.

I feel overly exposed to real estate in SFO.”People love to dump on San Francisco, and it clearly has its problems.

Because the property is paid for, it is a fairly large amount that would be exposed even in the llc. 

I'm curious—what key factors do you look for when considering a new investment?

If it's external factors such as they need the money to do a bigger deal, or they're closing down their fund, or they're getting out of RE completely then fine.