Requiring an application before showing is always a mistake but even more so in todays market.

i agree that a new purchase at 75% equity will typically not have significant cash flow and may even be negative when properly allocating for all expenses.Investing to max equity without reserves is risky and you indicate would result in stress.  

And even here, you still need to be "active" to research who you are lending your $$ to, and due diligence on the deal itself prior to investing your money.

I'd be interested in hearing from condo investors about why this real estate product makes sense even with the low COC returns and HOA fees that cannot be influenced?

There are lies everywhere in life, even some right on this forum!

Also, focus on 2 years of job/income stability.Class D Properties:Cashflow vs Appreciation: Typically, all cashflow with little, maybe even negative, relative rent & value appreciationVacancy Est: 20%+ should be used to cover nonpayment, evictions & damages.Tenant Pool: majority will have FICO scores under 560 (almost 30% probability of default), little to no good tradelines, lots of collections & chargeoffs, recent evictions.

It often delays or even halts the project.

One particular point can not be over emphasized; even if someone has and is willing to invest the capital in attempting to build or scale their business or investments, they still May fail if they do not possess or can not evaluate those who CLAIM to possess the necessary expertise required for scaling. 

Even if they're off market doesn't mean better pricing, they may not be on Crexi or LoopNet, but if they're for sale, they're being marketed. 

I’ve done my calculations and have seen that I will be breaking even with this investment day one.