Do you advocate actually getting an actuary to develop the estimate for substantiation of the discount or is there a much easier and less costly option to complete the calculation?

If your investment location is in a growth area, you never know about the future development and  how it might drive the value up. 

I factored in property management at 10% as well as capital expenditures, maintenance, sewage, etc.Granted, I am aware that the tenants will likely cover their own utilities; plus I don't live in Vegas, so my estimates may be a lot more conservative than what the actual average amounts might be.

Funny enough I married in to a family that does R/E development. 

You need to factor in  loan fees and such as well. 

Then you'll need a development plan showing where the roads, utilities, and homes will be.

As a community i bet we would all crowdfund a project with a quick turnaround (3-6 months) in between our deals for a reasonable return (5-10% depending the experience of the developer)2.

He mentioned if it’s regular rental, about 2 months for eviction in nj, give more take some factors; while rent to own could be up to 6 months or more.

LA around the metro stops there are a lot of developments coming online, I can see multifamily in those areas getting into the oversupply territory.Where in LA are you looking?

Working as a property manager I have developed a passion to be my own boss.