I am NOT an attorney but I can provide an example to illustrate the kinds of details we are all talking about, and there are literals thousands of these details in the syndication or real estate fund or REIT business. 

The criteria I recommend that you use to evaluate each potential property are:• It is located in an area likely to appreciate over time• It is highly likely to have sustained profitability • Located in an area with real estate investor friendly taxes and legislationThe process I recommend is illustrated below:Favorable Population, Employment and Crime TrendsThe old adage that the three most important things in real estate are location, location, location is still true but areas change over time.

Well - this pretty well illustrates the real world.  

Lubbock TX areaThis is just one example to illustrate the misinformation that jumps up often on BP that low dollar purchases are in C/D areas. 

Consider the two illustrative notes below.

I have this math in an excel spreadsheet and I verify and plug the info in, this graphic is simply to illustrate to tenants how the choice was made.

Can you or can you not partner your own cash with your SD401k to purchase a rental property "all cash" following the rules as Mark has illustrated in the example above?

Incidentally he has an 804 FICO so it's also nice to illustrate why "zomg pulling credit is bad!"

So if you pay the landowner $300 a month now, at the renegotiation date it may be set at $450 a month (those are just generic numbers to illustrate the concept). 

If you can illustrate that it is in their interest to lower their fees for you, you will be much more successful.