So they decided to make development loans based on fantasy post development appraisals.  

This is why it's a fantasy that one can simply show up to auctions and make $ like it's 2009.

So, what I'm gathering here from my Special Operations Engineer of the Dirty Dozen Special Operators on the BP fantasy team is: He has an MBA and has been rather successful in building his real estate business (he ain't done yet) and he's advocating that the world of business itself hasn't changed much, that real estate is still basically the same thing it was when he was a kid.

the reasons he gave were pretty sound.Ignoring the people who claimed to find furnished units they can Arbitrage, which is pretty much fantasy, Eric was pretty much pointing out they had to spend 20 to $25,000 on units which they did not even own.And he talked about many other problems such as zoning that became you could not do short term rental unless you lived in that building.

And that is with you risking that you will only have operating expenses of 40% given that your management cost that you stated is only 6% and also allowing that your capital improvements will be low since the place is brand new.Operating in this manner is what I call Fantasy Investing, which is a close cousin to Fantasy Football.

For you average small time LL, having your properties in an LLC and thinking they are more protected from a lawsuit is a fantasy.

Even then, there is the risk that they share it with someone and it eventually bites you in the bottom.People who work for the man are going to view that in a negative way - i.e. you don't really need this job, you're not invested in the company, you're spending company time on your own stuff (even though they're likely the ones spending hours on their fantasy baseball team at work), etc, etc.Now if you were flipping, that might be another story.

Don't make up fantasy #'s on somebody's income.

No one is going to convince me that the past 2 decades of financial performance is a fantasy.

In a perfect fantasy world, I'd love to meet someone actually doing rehabs and tag along as they evaluate a property to see which pieces of puzzle I'm missing.