Here's our thinking: we can conservatively build multifamily for $200 a foot including land acquisition.

However, in my investing career, I take on conservative debt.

No one predicted the huge jump in interest rates and rate caps, so great operators want to be conservative moving forward.   

He is asking for 600k which is conservatively 100k below market value.

For me, I'm a very conservative investor and may look through a hundred deals a month, and at the end of the year only invest in 4-5.

I have done some conservative calculations based on my current cashflow and I can be confident that I will have at least $46,000 by that September 2025 milestone.

Can I make an offer that can result in conserving the conditions I need to reach as many of those outcomes as possible? 

We showed above how we got the 5.38% annual appreciation and we chose a more conservative number of 4.5% annual appreciation.One of the unique advantages of real estate investment is leveraged appreciation.

You didn't hear this from me but you can buy a property in the country, get it appraised for slightly more and put it under a conservation easement and write off the entire thing...

Even without experience, it should be possible to get a HML as a first time investor - just going to make sure to be pretty conservative