Just based on this number I would tell you it is a terrible market and Jason is completely inaccurate. cape and lehigh are poster child for massive subdivision built in the 50s 60s that market has been a yo yo ever since.. lot prices go down to 10k in lehigh when things are like now and then shoot up to 40 to 60k when you have a building boom like 3 years ago with outside sales influences. 

I think this stuff needs to be redesigned or pulled from the market if this is how it is (not) performing.

Give it a try for two consecutive projects and see how you perform by project 3..... you will be surprised how such a small tweak to your budget can impact the overall project performance. 

I believe these posts are influenced by the pay for education syndication model.

In our market, you can self manage, with all the associated work, and out perform the LTR income.  

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.

For example, you can show the services you performed and the approximate number of hours spent by using an appointment book, calendar, or narrative summary.Doesn’t even need to be contemporaneous logs. 

Have you performed an amortization analysis to see when your net earnings after depreciation starts to become positive?

Driven by favorable interest rates and stock market performance, debt issuance has been the main capital driver.

Reaching out to all you note/CFD veterans again.It's my understanding that in certain states, for delinquent/non-performing CFD's, you must go through a standard foreclosure process (once all other methods like forbearance and modification have been exhausted).