Here's the situation:I own a tenant-occupied property, which is paid off and cleared.

Initially SB13 provided protection for 5 years for unpermitted units that pre-date the ordinance.  

Sometimes I do understand in day to day you do not get advantage, but there is always few instances where you may have felt it just was worth and paid for it to have a broker license.

Everything you posted is correct except your definition of “profit” unless you only paid $140k.

With that said, here are some questions I would ask myself about the situation: Historically, have the students paid enough in the 9 months to cover all the expenses associated with these properties?

I would have gladly paid more for the success it has brought us!

LI to endowment - You could exchange this into a fully paid up policy.

What currency do you get paid in?

Or it takes a third week for your new tenant to move in, now your negative $200 if all the previous expenses were paid by the landlord fairy.

The last one we paid cash for and self-funded the improvements too.