The area is rapidly growing with the supporting from the local government and large investors.

Being new may have a little weight on ther terms but I would not get quotes from 1 or two banks and think you have to take one.

One of the things we saw in Phoenix in 2008 was a rapid slow down in relocations (actually to net negative growth) because the builders slowed to almost zero and people in the midwest were locked into their homes because they couldn't sell them. 

We have a of mortgages in this market and all I know is the real estate taxes are increasing at a very rapid rate, much faster then inflation and the ability to raise rents. 

@Garrett Stockton Not exactly what you asked, but be sure your deck can handle the added weight of a hot tub.

We had a perfect storm for rapidly appreciating real estate.

Forward looking projections are always a risk gamble so putting weight on it too much can be potentially problematic.What to consider in splits, fees hurdles is who (what parties) has what at risk when you run a Stress Test / Sensitivity Analysis.

The market is rapidly changing and this is not the time that homes are selling way over asking while not being perfect.

Caveat, some markets have seen rapid appreciation lately and it's possible that someone purchased a home at market value and within 6 months their homes naturally appreciated enough to do a cash out refinance and pull out their initial down payment. 

“Over the last 18 months, many nonbank lenders have been lending over LTV, since rental rates are moving up so rapidly and the overall debt service ratio is getting better,” Gerken noted.As an example of interest-only trends, PGIM cites a $44.5 million loan for a property in Georgia.