With just these numbers to go on, if I felt the neighborhood is solid/trending up and not down and assuming your rent projection is realistic, I'd buy it. 

I can also see where the CPA firms don't want to do this given for the CPAs...this is likely a one time large catch up project, and then never again. 

We do not factor in capital gains tax in our final net profit projection Hope that helps!  

On recent projects that I have seen, LTV’s north of 70% are struggling to pencil out on.

Many other projects have reduced or suspended planned CF distributions and I've also had a few capital calls in which I did participate since the business case still made sense (the MF in Florida had a capital call to finish construction and get through stabilization and it still returned the 32% IRR).I expect almost all of the deals to be OK, just later exits than originally projected.I am very concerned about one project and have already written it off in my head.  

I'm not an attorney or expert in AP specifically, but do have a working knowledge of it for Civil engineering/survey work and have had two projects where this came up and I was able to 'ride along' and see how it unfolded.First, if you 'know' the property has been taken by AP then there's nothing for you to do with the tax assessor etc.

From there, it requires the ability to conduct underwriting the highest and best use of a planned project, which requires a pro forma built by the user or acquired from a competent 3rd party. 

They do have to step in and pay on the underlying note while they foreclose on the wrap this to protect their credit and theoretically project their equity The issue with all this sub to and wrap stuff is under capitalized investors or investors that dont know enough or investors that have a no morals and just look at these like if it works great I have little money into this no real equity and I am not on the loan so if it does not work I will just walk off .. or really bad actors that get into title rip rents and never pay the underlying I have seen that more times than you can imagine. this sub to  wrap stuff is just super dangerous and I dont care who is training people on it there are just to many things that can go wrong when your sub to deals or wrap deals are with owner occs and their mortgages.. seller carry backs like we did worked fine and the deals were smaller in those days. 

As seen above, average rates were in the 6.5% range and projections for both MBA and Fannie showed projected higher rates before they came back down.

i have done a few BRRRR projects.