Hi Philip,I took your question as more of a fundamental question about lending in general and want to give a more birdseye view answer in addition to the great answers you've gotten so far.As everybody else said, lenders lend to make money of course, but why do they lend based on the new value rather than on what you paid?

Some fundamental assumptions on where to live are on the brink, it is a good time to show compassion, and there is no reason to give the perception of landlords trying to screw tenants.

Especially considering it was a forced shutdown that took down the economy a bit currently and not one as a result of poor regulations or poor fundamentals of businesses. 

Some of the underlying fundamentals make it very clear why it is among the best (and often the best) performing assets on the planet.

And of course doing diligence on the market to make sure it has strong fundamentals and isn't ripe for a downturn if COVID shakes our whole game up. 

Vet your contractors well, take the time now to understand the fundamentals of building science, and be clear about what you want done, why, and what you're willing to compromise.

Just choose your market wisely, based on fundamentals and your expectations.

The fundamentals for multifamily have not changed.

It'll help train your mind how to think, and that's an invaluable fundamental life-long skill.And, instead of wasting your spare time outside fo that on the foolish pursuits common amongst immature people and minds, study for and take the RE license test. 

Crowdfunding isn’t fundamentally any different than old-school syndications.