.: False Evidence Appearing Real. 2nd question, have you done all the necessary precursors? 

However that doesn't appear to be the case with the property you are purchasing. 

The property cannot be valued in the traditional way, which is why I'm seeking a private lender who will value the property in a commercial-style method via the cap rate.Source of down payment funds: Implied equity (refi)Income Source: W2 for both my wife and IGross annual income (between the 2 of us): ~$300kMonthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: Student loans, rent, and what exists for this tiny house.FICO: 725Credit issues: noneThanks for reading this far!

It appears that the appears that very low investment minimums are a key selling point. 

At this time I think the apartment itself is not legal as it appears to be zoned a SFR. 

In other words, it sounds like you are saying, "I want to use these sales over here, because they appear to give my property a higher value."

Looks like if it’s Illinois, the reason they’re probably asking is appears there’s a new law for landlord to disclose radon, provide a pamphlet, tenant has right to test and terminate lease if landlord chooses not to mitigate if high levels found.

It's not even possible to become a CPA without having at least an equivalent of a bachelor's in accounting (some minor exceptions). 

No one appears to be able to provide a competent response.

In your case, this appears to be $800k - $600k = $200k.You made no mention of the rehab costs.