Was I correct in my statement?"...

I would say your first year is just for drinking from the fire hose, even if it means taking a larger split and not earning as much commission.

As lenders, well issue a prequal/preapproval letter if we've analyzed your income, assets (bank and brokerage statements to establish that you have the liquidity to afford the down payment, closing costs, and reserves), review credit of the guarantors, review the relevant experience to ensure that we're not throwing our money away on newbies that are wandering around in the dark, and have put together a reasonable plan of attack for the project.

I’m currently evaluating whether to go with a Fund Model instead of a traditional JV for an upcoming multifamily project, I will be working as a developer looking to do work with a more experienced developer on a larger scale multi-family opportunity.

You will be going up against larger operators with bigger budgets and more experience. 

You have a “full” package including property(s) identified, acquisitions under contract, appraisals performed by MAI appraisers, historical financial statements, pro forma projections, surveys, title reports, feasibility studies3.

All they ask for is your last two months bank statements.

It was entertaining.This is a larger example of what has been happening all over the country. 

However, if you want long-term stability and predictable payments, refinancing might be a better option, especially for larger projects.

Even if you don’t have enough equity to buy in all cash, you may still have enough to make a larger down payment, which has its own benefits too.Bottom LineHomeowners have an incredible amount of equity today – and that’s why the share of all-cash buyers is on the rise.