I agree the markets have lost control and spiking the rent is a risky move.

I would recommend putting your money into a cash flowing market as a GP yourself to give you more control but LP is always an option. 

Master meter utilities are the bane of any investors existence, unless you somehow figure out a system to monitor and/or control usage. 

My guess is it was determined that nothing in the immediate area was a good comp due to age and finish level, so the appraiser ventured farther out for comps. 

You're banking on future events you have no control over...that's not investing, that's speculating.Besides, you own the property, but the property owns the equity...not you.I would hope you could find a much better financial situation than this one.

Hi @David Geiger,Appreciate taking out time and responsing.Here are more details about the deal.Here in India JDA split are most commonly of two types.1 ] 55% - 45% share is either Profit/Margin/spread generated out of venture split in 55% for Developer and 45% for Land owner.Or2] 55% constructed Units are marketed and sold/leased out by Development firm and revenue generated out of it is entirely for Development Firm, they own this share of project.45% constructed Units are marketed and sold/leased out by Land owner and revenue generated out of it is entirely for Land owner, they own this share of project.Then,  At the signing of JDA/JV agreement depending on deal size, some money is transferred as guarantee or token to land owners, which is adjusted to above Share split.In this case, $1,200,000 US Dollars are to be transferred as Guarantee or Token amount to Land Owners firmThis amount is later on adjusted to either Agreed upon number of Units or Profits generated.

That inevitably led me here to all of you and the Bigger Pockets Podcast.My wife and I are currently working on the foundation of what we hope will be a successful venture; she is working on the acquisition side, looking for properties to flip, BRRRR, or wholesale (Traditional).

This then limits all business activity(other than the initial investment) to be with outside of your own control (i.e. you have no direct control over the investment itself). 

We learned a long time ago that we could not control how tenants kept their units. 

MTM gives you the most control (in theory), but the more risk of vacancy.