I assume that you are keeping the deposits in a bank then?

assumed mortgage from seller How did you add value to the deal?

Quote from @Michael Palmer: Quote from @Benjamin Aaker: Assuming you mean 75% loan to value, looks like you'll need to close with $97,285 after closing costs and points.

Assuming you're buying 2–3 multifamily homes per year in several different states, I understand the need for LLCs for protection.

I assume that the main advantage is being able to buy the property without the 180 day time constraint? 

I would assume that it should be blocked off with some type of decorative tile or something of that nature.

And it doesn't even talk about what happens at the end because I guess they all just assumed we'd accidentally fly our cars into the sun in 99 years. 🫠  but there has been some legislation passed that prevents them from going more than 50 year leases.

I could not find the answer I'm looking for when searching.The following example could be used:- Amount invested $100k- Preferred return (5 years): 8% or $8k- Disposition (Sale) (Year 5): $200kThis simple example assumes no cash flow beyond the preferred return, no cost segregation/bonus segregation, and doesn't take depreciation into account.Would the first 5 years of cash flow (preferred return) not be taxed, and only the remaining amount on the disposition would be taxed (e.g. $200k - $100k + 5 * $8k = $140k)?  

Assuming the Oakland rental market continues to remain stagnant/competitive with newer buildings going up, is property appreciation the only way to increasing wealth with my building?

Assuming this is in fact a good deal, and your friend is a qualified GC, instead of trying to be the lead investor, he should be searching for someone who has the balance sheet to take down this deal on their and be a transactional participant.