Something is definitely extremely fishy going on with this Eric Spofford dude.

So, proper screening is EXTREMELY important!

Thanks Zach, I totally agree.Here are some things that keep me extremely optimistic about the build, when I have moments of frustration:-My initial expectation of value was ~340k.  

Your current numbers make no sense (600K property at 70% is 180K down and 420K financed, but four 300K properties at 95% is 60K down and 1.14M financed).The odds of finding someone to loan 95% on four investment properties is extremely slim.

He has millions of dollars invested in his property and must be extremely careful that he doesnt't rent it to a person who is a crazy failure.

Finding the leak, obviously, is vital to knowing the fix.

I'm just suggesting you be well informed:I loved reading Robert Kiyosaki's "Rich Dad Poor Dad"... it was extremely informative and eye opening... albeit told in a bit of a crazy way.  

As a negative, it also has the largest gap between the cost to buy versus the cost to rent, making cash flow extremely difficult without committing more equity up front.

For example, if you have no experience in land development - that is extremely complex and risky compared to owning NNN rentals. 

This is located in a tourist lake/ski town with extremely high demand for lodging.