One final observation, if we assume a "no money down" deal, we can somewhat simplify the formula:Loan = price - down paymentlet down payment = 0then, Loan = pricetherefore,(price^2/(value * balance) < NOI --> positive cash flowbut I don't know if that really helps or not.Anybody got any ideas?

You must designate replacement property.There are two key timing rules you must observe in a delayed exchange.

My humble recommendation: include your ability to "observe comings and goings" via your DropCam in whatever contracts and/or Statement of Work documentation that you review with them and have them sign.

As far as shortened lifespan goes, you may be observing a particular instance, but I'm not sure you can generalize -- treated wood has been used and recommended for small boat docks where it's constantly wet -- like standing in water -- and often for years. 

When you are selling shares of interest in real property, those interests are securities and you must observe the laws and regulations relating to securities.

The comments are useful if you have observed different costs in practice. 

The place itself seems maintained from what I have observed while walking the place.  16 units 1-2 bed units. 

This is easily observed from the pictures in the listing.

One thing we came to observe is that the kitchen still ended up somewhat spotty.

Account Closed, first I would do all that @Don Meinke suggested (please do the goose neck correctly).second all big box stores have flexible extensions for downspouts. use 2 or 3 together and direct the water away.if you're not there in a big rain to observe, use the hose i see on the left of the picture to test the water drainage/level of the guttersi would get rid of that "fake planters" at the entrance: does not look good and right now impedes right drainage.