My partner called the owner who had give the original estimate, said no way are we paying until the job is done. 

My take on this is to underwrite purchases based on expected LTR rents (I like rentometer and the BP's own rental estimator), but start charging 1.5x that rent for your MTR.

Not a chance.  

I was in your spot at 23, took a chance, and started a business.

This is true, but can increase your chances of success by working with an experienced team.Financing Challenges: Unexpected rate hikes or tightening lending restrictions can complicate your plans. 

If I had the chance to buy in 07, 08, and 09 I would but I was in high school.

I pushed the deal forward with multiple banks understanding that there was a good chance a banker would get pushback from underwriting later in the process.

Larger owners tend to analyze market rents monthly or even weekly and manage rents (or incentives) the best way they can.As long as the owner is engaged, the chance of adjusting rents is higher.

I would say no-pitch meetups over a year would be the best possible chance to find someone who can be a voice of reason in your investing life if you don't have one.

Residential at least has a chance of being profitable.