I've been looking at this to make sure the property cash flows based on the original purchase amount and NOT the refi amount...which now seems to be incorrect. :)  If I refi for 60k over 10 years, thats like $600ish payment. 

I figured, incorrectly, that they stopped doing it for a late July reservation, no less.

@Troy Studer First thing I see off the bat...I'm noticing your cap rate is getting calculated incorrectly in your excel template.

In fact some people double down on incorrect beliefs, even after conventional wisdom shows they are wrong.

Omaha has its quirks I guess, but I still love it. 

Yes, I only give general rules when giving out free advice :)   @Eamonn McElroyOP should confirm with CPA whether legal documents were drafted incorrectly.

However, if the tenant is paying $1000/month as a monthly rent payment then advertising the gross rent of $1000 isn't technically wrong.I've ran into a lot of weird undisclosed stuff in leases like landlord supplied utilities and internet, incorrect rent amounts, landlord paid routine maintenance, etc.

If I was her advisor or her relative, I would caution her against taking this risk.Finally, the warning your received on depreciation recapture is incorrect.

A property of interest has 5 open code violations in reference to complaints made by a former tenant (rats, faulty electric, open walls etc) and 1 violation is due to incorrect carport setback and no permit.

I know this is where I likely messed up, but I didn't want to install something that wouldn't work and was constructed/placed incorrectly.