Alt lenders will normally be higher on fees, rate and perhaps leverage at time of close but that's not always indicative of cash required to operate. 

Izraul, you never indicated where the cash for the "loan" may have originated. 

This is often achieved with written documentation, such as a formal ROW request from TxDOT or other correspondence indicating that condemnation proceedings were possible if no settlement was reached.

It's important to find out.But for now, let's assume that the property is worth $63 million as @Jason Piccolo indicated above and the loan balance is $59.8 million. 

A strong buyers market indicates sellers price cutting and listings being bought under value which would lead to equity losses. 

A tenant complaining online might indicate that the property manager handled them appropriately, so be sure to ask the manager for their side of the story.7.

Past performance is no indication of future returns.EDIT - Ok so I just did a quick scan of the greater Tacoma area and right now you valuation seems high at 1.4m.

If this concept is unfamiliar, then continue to ignore it.In closing: The dangers of shifting the timing of your income, expenses, and business transactions.A purely mathematical exercise may indicate some beneficial timing for this or that.

Everything presented indicated I was investing directly in the deal, however it now seems I was investing in DFO and DFO was investing in the deal. - Investor reports were either not received unless I asked for them, or they were received 2-3 months late.- K-1s were not made available until mid Sept every year.- Communication is poor, I have to repeatedly chase for updates.

If you can find a precedent, that could bolster your argument significantly.Lean on the Physical Details: Four mailboxes, four sewer lines-those are big indicators that the property has been treated as a four-unit for some time.