However, the property should still have a path towards the investment making sense on a monthly basis, even if it's not immediate

They want to sell the notes at par (even ones closed 2 years ago at 8% vs 15% today) which makes it even harder for me to do without the put option, but my thoughts are that they already have the sales channel in place & have already sold that piece of land before, so it is overall a net gain if they sell it.I hadnt considered the extra complexity & especially liquidity from their perspective & needing to account for it, so that is a good point.

5) Consider meeting with a few agents in your area even if you are just getting started!

I've seen many posts that opportunities really vary depending on location, but I just don't know how you can find something that cash flows or even comes close given rates.

My questions are: Does offering $375k to break even but cash in on equity make sense?

Divide this number by .75 or .70 to reflect a down payment of 25% or 30% respectively, and compare that result to the asking price.All the above takes about 10 or 15 minutes max - even using just a calculator.

Even if I have a buyer, I still post it, and as buyers contact me about the property, i tell them that property not available, but I have a conversation with them about their Criteria.

Even in the smaller markets, a life cycle of a deal can stretch out 6 months before the exit and that can cost 30k once all is said and done.I like to tell people 50k is a nice starting point capital wise. 

How are we here having a conversation like it is even ok to let the statement "Multifamily is Pay to Play" in the first place?

And it's not really even a worst-case.