While I am not saying that it is impossible to accomplish this task, each person has to take these proposed "models" in perspective and to their own situation.  

They're going to want to know you're serious and have financial ability to perform before they invest time in you. 

Consider how the asset performs over time.

Metrics like ROI and cash flow only predict how a property is likely to perform on day one under ideal conditions.

If the markets perform as predicted, the initial poor cash flow market will benefit from higher increasing rents and eventually have better cash flow than the market that had the initial better cash flow, but was expected to have less rent appreciation.In your local market it is easier to build and maintain your team, you have local first hand RE market knowledge, and you can more easily perform heroics if it is ever necessary.I recommend you take a second and third look at your local market. 

Waiving that contingency puts you in a weak negotiating position if the property fails to appraise, and also puts your earnest money at risk if you are unable to perform. 

I agree with the all-time top as well, it's so hard to gauge since that is subjective to the short-term performance of the market 5-10 years but long-term real estate is why we are all here.

So often you’ll see multiple people in the GP to perform all the necessary functions that the company is going to perform.

Just pointing out that from my perspective he is asking how to structure what is essentially a partnership, and you were advising on paying a contractor to complete a task.

I would recommend using a performance metric such as ROI to determine what the best course of action is for you.