Not sure if that helps... but I would propose these questions to the lender, and focus on getting the first property to start...

Proposed Bill Would Eliminate Deposits and Fees for Denver Renters With Animals | Westword

You have researched the market, completed a study and actually have numbers backing up your proposal.  

None of the 3 options you proposed are bad options, so it really depends on what is your strategy.

If you indicated cash flowing SFR are difficult to find in safe San Diego neighborhoods I would not have bothered with a reply.If you take the time to do my proposed exercise PM me and let me know if you think I am wrong about the current duplex to quad MLS listings in my area being worthless. 

@Darrell Sanders I'll do that.

We had a great turn out and have had many turn in proposals and still waiting for some.

I also look at stuff like this bill that was proposed just to get a handle on what lawmakers (and judges) think is the right path for their constituency.

We are expecting this buildout to cost nearly $1.5 million which he is proposing that I provide entirely as his dad is in for close to $800k not including the sweat equity over the years along with being able to use his dads resources for materials and such.

I subsequently went with to the build site to discover absolutely nothing had been done at the proposed sites.