A review, sometimes called an analytical review, includes testing of certain components of the presentation, but there is no assurance about the truthfulness of the financial statements.

Is there a component of it you can do better - e.g. rehab cost estimation ?

You can also add a 10 yr interest only component and have the loan amortize over the last 20 years.

The key is going to be the substantial improvement component.  

BRRR is the same as above just with a refinance component at the end.

I really don’t want to knock them because they are a crucial component for most home buyers, and can be a fantastic resource for investors,…But where do real estate agents fit into the process when you are an informed first-time home buyer?

I would analyze the COMPONENTS of NOI for both the subject and my cap rate comps FIRST to determine if NOI's are close to reality. 

Like with everything, BOTH those "Rules" have a big "it depends" component, specific to individual deals...

I would think there is a lot of risk for those in the class A space and also those who are syndicating with the value add component being the main profit center (not cash flow).

This GMP is a critical component to the financial viability of the project, as is effectively guarantees the amount of construction costs by the construction manager.