I never make a loan, no matter the equity position, that the past actions of the borrowers lead me to wonder if they will be likely to pay me back. 

We wouldn't be looking to start this project until the spring so I'm giving myself a lot of lead since I am a newbie. 

This also leads to the reviews based on my criteria and setup, not the previous owners. 

Nice…You can’t offer less for a property full of fire rubble (lead and asbestos?)

This will lead to many of the professionals in the same industries who already are not doing that well to fall out of competition and hence be "replaced'.

Significant and sustained population growth leads to demand exceeding current supply, causing prices to rise until there's a rough balance between sellers and buyers.

What you have described sounds like a real estate  race to the bottom and you will be in the lead .

Talking of multifamily specifically, how is it that we are getting better cap rates if the prices have not really reset lower.

You can learn to do this independently or get a rockstar REALTOR to lead the way.

Sadly the underwriting seems to have been an oversight in the areas you had mentioned, of course sponsors will always cast the brightest light on every situation but we and they must remember we aren't paying for their education but expect the experts to lead the investors thru experience and wisdom.