I love that image of Hades Paul, well articulated.

There is always a "dance" that goes on between how much time you spend running numbers on a property you'd like to but don't control vs spending time to control a property you don't know is feasible.Aside from inputting data into a pro forma it is imperative for you to understand the development process itself which is accomplished by creating a critical path that shows the sequential order of the tasks that need to be executed along with their timing and the 3rd party players, functions and costs associated with doing those tasks.The combined information you get from the pro forma and the critical path are foundational in forming the agreement that secures the property which will be articulated in a purchase and sale agreement or in your case a JV. 

Can someone offer some advice as to whether this is a legitimate concern and how to articulately explain this to my potential lender to overlook this?

I hope I was able to articulate this correctly.

In their mind they are worried about negative cash flow yet it gets articulated as a fear about not being able to rent at any level.The point of the example is new people do not know what needs to be solved or focused on.

This has implications as it relates to showing the property.2)  Understand your business model and be able to articulate that to an attorney.  

All prohibited damage articulated within your lease or as an addendum are not normal wear and tear. 

The analyst should have the ability to clearly articulate the value proposition of their proposed investment.What product type is the best hedge against inflation?

Your articulate response was easy for me to follow, and I feel more much informed to make decisions.

I have brought it up with people and there is genuine interest, however I am not sure how to articulate possible terms of the agreement, think elevator pitch.