@Logan Allec the actual cost of CPMs should go unchanged or maybe we should expect an increase rationalized by Facebook using the argument that the algorithm change will increase the effectiveness of CPMs.

Just about any rational allocation will do, this isn't rocket science, just make sure the expenses are legit and use common sense.

You're rationalizing a bad deal into a good one. 

Regrettably sentiment has blinded your rational thinking.

I think people sometimes try to juxtapose full-gut vs. new construction to rationalize doing it.

Put your rational together in a presentation and send it over with your offer.

How do you go about rationalizing the value and mitigating the risk?

Clearly the diversity of opinion on this subject will allow you to go with the tenant you deem the most rational.

Saying "it's the first time out" to make a deal you wouldn't have done 5 "times" from now, is just a rationalization to make this deal sound good.Also, I really hope the "30% down for mortgage reasons" doesn't mean you had to put more money down to get your cash flow higher...or worse, to turn negative CF into positive CF.

Let me list the 3 top problems of why this is a really bad rationalization for a bad deal:1 - There is no guarantee there will be any equity when the cash flow pays back the partner's down payment money.  2 - There is no time frame of when, or if, the cash flow will achieve this pay back.