I do like your reference to the statutes as I think it is best to use facts instead of speculation.

Buying a cash flow negative income property is no longer investing in real estate, but instead becomes speculating.

You're near Chicago, I speculate that there's a ton of space to build your networks in a large urban center like Chicago.Your likely job title will be: assistant project manager, analyst, development associate.Whatever it is, you will be working for a more seasoned project manager or senior project manager.

The lender will use actuals and any future financial gains, whether they be through made through rehab/upgrades or through increasing the NOI, are speculative.

There will much debate on this point, but I don't see the market pressures easing up in Seattle for 7 more years, and that's only because I'm not comfortable speculating to that degree.  

California is not the market for cash flow, it is the market for appreciation which is speculation (gambling).

I think you could learn from those.As I recall, a couple GC's chimed in and were against it....just agree to a price for my work....don't call me your "partner".If you're on the hook for all the financing, can't you be the "speculator" yourself?

I think we're seeing more speculation than investing.  

This isnt speculation, I personally know the builder selling these exact houses in the same subdivision for this.

But better miss a great deal than speculate on something that will snare you into a  financial mess.Here is what would help:How many units, of what type (studio, 1br, 2br, etc.)Purchase priceHow you are financingCondition (repairs / rehab needed)Expected or current rents