Not sure if calling myself an investor is premature or not since I haven't done any deals yet, but at least it's optimistic.

It's hard to find a good deal and if it seems easy (as a newbie) most of the time you're either really optimistic about rent potential or are missing things like paying water for 10-units because you're used to tenants in an SFR paying utilities.  

I do believe the 50% rule is pretty optimistic for student rentals.

Not sure which bank valued it for you, but they're pretty optimistic.

Most - not all - wholesalers will paint a brighter picture than what you find when you get into the project with optimistic ARVs and underpriced reno costs

1 - CAP rate is low, but it is hard to get cheap multi-unit these days. 2- It is will be hard to change it from 3 to 4 units, you might not be able to do it especially for a basement unit.3- Your estimate to almost double the rent is too optimistic. 22nd to 25th is not a great area.

Figure out what areas might work for you and then focus like a laser to find good deals.BTW: I think you're being very optimistic to expect 8-12% cash-on-cash returns through a passive syndication.

We just ended up over-leveraged and too optimistic regarding future costs. 

Survey: Small biz owners excited about the futureBusiness owners' optimism about the U.S. economy and the outlook for their own businesses has reached levels never-before seen in the 15-year history of the PNC Economic Outlook, a biannual telephone survey of small- and medium-sized business owners.A strong majority of small business owners (88 percent) surveyed are optimistic about the near-term outlook for the national economy, up from 71 percent in the fall and 56 percent last spring.

@Anthony Harris, would you like to be the one to try out a seemingly untried strategy:- showing them realistic/conservative pro forma predictions (rather than best/optimistic ones)?...