@Joe Villeneuve I come from the "professional shops", the Institutional Private Equity and REIT industry, that's exactly how it's done when investments are evaluated, your Financials do not show any profit until all of your initially invested cash has been repaid by the Asset via Monthly, Quarterly, Annually distributions, or at the closing of Sale.

"Stocks have returned, on average, about 8% to 12% per year while real estate has generated returns of 2% to 4% per year," says Peter Earle, an economist at the American Institute for Economic Research.

Private lender is probably a good option if you need to act quickly and may not qualify under the institutional lending guidelines. 

That land doesn't convert to cash for a downpayment, unless its encumbered or sold and no institution is going to lend on a $20M piece of property.

They didn't proofread it well (spelling error), and the wording at times seems less professional for what one would expect from a financial institution.

In more Rural markets it is not unusual to be between $20,000-$40,000 per space, with a CAP closer to 10%.My point of this is to show the disparity of on and off-market communities and when you get to a certain size then you start seeing Institutional money.

Whenever I have an issue with financing, I normally contact local institutions.

Regarding Atlanta and Charlotte institutional buyers are buying up the market?

University Area: It's a hotspot for students and faculty due to its proximity to educational institutions, ensuring a steady rental market.

As Wayne Brooks said above, anything publicly listed (REOs, HUD, Homepath, etc.) has already been seen by the agents who represent the institutional buyers.If you happen to get one of these under contract for a price below what another investor will pay (unlikely these days), you can definitely still do a double close, assuming there is no resale restriction from the seller.That said, if you have these large institutional investors in your market, you're probably going to want to focus on off-market deals that these guys aren't finding themselves.