Amortize your major repairs (roof, hvac, built in appliances) and add an estimate for small maintenance.This feels not terrible to me.

All major flippers in town have heavily compressed ARV to accommodate for the potential of the downward slide to continue.

None of the major institutions have come close really.

if it is serious I have a couple of questions for you 1) what is the last syndication that you have seen that did not project a majority of the return from value increase?  

Major nightmare!  

These properties are in major tourist of growth areas.  

I have no doubt he'll transform this entire corridor in the coming decade so I'm also looking closely at Hornsby Bend, Del Valle, and anywhere in the general vicinity.These are my top two areas where you can find low entry price points relative to both current and anticipated market fundamentals.  

The vast majority of these units I purchased using private financing with $0 out of pocket. 

Glad you dodged a major bullet! 

I think a majority of owners voted to mandate sales and rentals go through the board first..at some point.