You will have people in your life who like you and will act as role models, but you won't have anyone holding your hand from start to finish.

Rob Beardsley has a great book which is esentially a guide as to how to write your own underwriting model called "The Definitive Guide to Underwriting Multifamily Acquisitions".

Development is a lot more work and risk compared to this contrarian model and simply isn't worth the effort even if it is feasible. 

Depending on the property, I use a figure like 2% annual increases for the model.  

I love your model.

My guess is that as more and more start to encounter the issues you outlined above, they will start to follow a similar model to protect their time and efforts.

I had a fairly complicated model I was doing and same thing they approved me to quickly just send in 5k to go to the next level..

On paper it looks good, but in a real life scenario projections might be different:-the third R, refinance could be possible if good credit and debt to income ratio are satisfactory...since many aspiring investors are far from that, what are the alternatives?

Where would we be today as a country of aspiring achievers and believers if our forefathers had waited. 

,I agree with a lot of what @Larry T. said and think you need to really evaluate your model and numbers.