the risk though as you state is you have folks trying to do their first one who don't live anywhere near the project.there is a reason most banks wont lend on construction projects to anyone who lives more than 100 miles from the project .. they learned this over a very long period of construction lending.and your right the spreads are simply not there to achieve the perfect BRRRR  locals can probably get it done. but out of state pretty tough.. to very rare.. so then if your leaving equity in ..   

Make sure they don't tie each of you to the full loan amount, but instead tie your share. 2. 80% would be max, but difficult to achieve.

Therefore it actually IS time-intensive, and takes frequent changing of prices/ scanning the market for comparables/ analyzing supply&demand, etc. to optimize the occupancy/pricing mix, not to mention a bunch of other small strategies to maximize profits (I can run you through a couple if interested). 

Make a goal and be very serious about putting money towards that goal every month until you have achieved it.  

All of this will not stop me from achieving my first deal.

While I work on achieving the goal of closing on a first deal, I am doing Lyft driving to cover my bills.As of July 1, 2019, I am in the process of signing up with a real estate broker.

Like you mentioned, this will help achieve your goal of not wasting anyones time.  

When asked about MIP earlier this year (2019), Loan servicing company stated 79% LTV was achieved (September 2016 ?)

One tip that has worked well for us is using the Trulia crime maps to determine the areas to stay away from in Bridgeport, Hartford, Waterbury, etc.The numbers may look great on paper but ensuring you can actually achieve them is sometimes a challenge!

The property is not run optimally and is under performing.