More so than Bitcoin can ever aspire to be, there is a fixed, extremely limited quantity of land.Property holders divvy it up among themselves in exchange for "valuable consideration".Thus, the term, Real Estate.

There may be some ongoing cash flow but I'd model in a whole bunch of conservative estimates: i.e. higher vacancy, rehabbing, much higher than normal capex/maint, etc. and then ask yourself if it's the type of investment that you'd want to sign up for (C- or D class I'm guessing... in terms of ongoing headaches).  

I happen to only finance projects that are rentals that my gcs partners do the work on, so I have a somewhat unique business model.

I feel like I’m very blessed and lucky to be in my current situation and that I could be better utilizing my financial situation to build real wealth instead of clawing away at it annually via W2 wage income only (and saving only ~$70k/year).Unfortunately when I model out deals, with today’s cap rate environment, I can’t find anything that generates meaningful levered free cash flow.

You'd be able to model the various pros and cons that you described to see what the best option might be for your portfolio.Based on your description, the office model might have an above average growth rate given the location and less replacement reserves given the nature of the structure.

I wish you good success with your model.

Or they just don't want to work in that arena, their business model is different.

Many investors here are overpaying when looked at from the lense of the BP model. 

Again, research any entity structure yourself prior to jumping into it to see what are the pro's and con's for your specific business model.

Does anyone have experience building waterfall real estate models?