Here is a more precise breakdown of the income/expenses.

Seems to me a good lawyer could get around almost any provision of these addendum precisely on the basis that they are so ridiculously one-sided that they cannot in good conscience be enforceable.

This is precisely the kind of thing I don’t like to get tangled up in.

As such, I'm really good at understanding when things need to be really complicated...but I'm also really good at understanding when they don't.Making an analysis more complicated than what I proposed might add precision to your result, but it won't add accuracy.

I think that is precisely the point.

I agree turnkey won't go away, but was really trying to see if people think that it will face some stiff competition from the SEC rule changes and the rise of crowdfunding.This is precisely the same 'wild ride' that many SFH buy-and-hold investors went through, if they were highly leveraged, their equity went to zero(or negative), then back up to something again.Your post implies that real estate is more stable, its not that much more stable when people use leverage as much as they do, its just less liquid so its easier for people to lie to themselves and wait it out.If you owe 90,000 on an 80,000 house(that you paid 100,000 for), you are at -20,000 in returns and have negative 10,000 equity , but you can point at it and say: I've got an 80,000 house that will probably go back up in value.When your stock goes from 100 down to 6, you are actually NOT as bad off as the first guy.

@Jaspree Sin I don't know that E&O is precisely what you're looking for, unless you're a Realtor and doing this within your profession.

The property is appraised around 65,000 so I am wondering how to get a precise ARV on this condo. 

Bryan I see 30 year amortizations and 30 year terms all the time the problem is the rate is fixed for 5, 7, or 10.Can you clarify that you have had prior experience with  30 year amortization, 30 year term, and fixed rate for all 30 years (trying to be precise just for those that might be confused between the difference)?

I stopped chasing apartments in Austin 4 or so years ago precisely for the reasons you're stating.