You need to add new appliance, flooring.Selling cost: 1% of 230K, property tax, realtor fee.Not going to do math for you.

I like the standard 1% math using most of what is mentioned here with monthly PITI be 0.5% and let vacancy, repair, property manager be the other 0.5% (unless it’s a condo with a steep condo association fee).

The most important part of a business plan especially if you are going to show it to a bank is math. 

Do the math... at a teeny weeny 300 per month of cashflow you need 30-50of these things.

You can do the math straight. 

Do the math what an extra month would run and see if it makes sense.Also, do you have any time based incentives or penalties in your contract with the GC?

It’s just math, but the challenge is more in the landlords psychology!

By my math it’s a good deal for him as he is essentially a wash between his lease rate and his annual distributions from reinvesting the proceeds; no capital gains exposure and has $2.98m working for him at a healthy 10%, and exposure to a sponsor relationship that has tremendous, yet intangible value.

It sounds I should pass on this property if my math is correct?

Do the math, ask other lenders.  2nd trust deed?