Based on Noi/Piti derived from the 30 year amortization?

While NOI is a given number that can be derived easily, how is the cap rate derived?

There's also a question for us about whether we'd derive more tax benefit from investing in a mixed use owner/user property which was partly occupied by our LLP business, or whether it would be more beneficial to simply acquire an investment property that we did not use for our LLP business at all, since it seems that we could generate more income that way and could use that income to help pay for office space elsewhere.So we really would appreciate some input on some of these concepts rather than being sold an investment into someone else's project.

I've heard that one should add 10 basis points per year to the purchase cap rate to derive a reversion cap rate.

In fact he gave me credit for income derived through the LLC including all add backs in excess of my actual cash flow distribution. 

If it's in escrow, or about to be, and we have the T-12, perfect, that's now the best information we have, so we use that.As the commercial mortgage guy, it's no more my job to create a P&L, to derive NOI and cap rate from, than it is the job of a home loan guy to create fake paystubs.

Bonus depreciation is derived from the portion of the property's value with a shorter useful life than the buildings themselves.

This is generally accurate - the value is going to be derived based on the "market" of buyers - since most buyers of SFR are owner-occupants and not basing price on rental potential, rents aren't going to be the source of value. 

I guess I am asking if FNMA actually ever sells those from the trust and not the derivative securities.

Furthermore, learning that the sponsor is suspending their fees or reducing management fees could be required because the generated income no longer supports these fees rather than being a decision derived from the sponsors generosity.