Rolladex, have you ever invested in investment property of any kind or developed property?
if not, then you are refuting from an academic point of view, and against someone, in the market, and with lots of experience in UT. Someone who clearly makes it work for himself.
maybe you need to talk to a good property accountant, and have you ever heard of a quanity surveyor? how do they help the formula?
You assertions, imo, are full of holes, and much too shallow in knowledge to understand the FULL picture.
