Just out of curiosity, are appliances the norm in rentals in your area? 

My curiosity is on how this percentage came to be?

Some operating agreements will say that any cash flow to the investor first reduces the investor's principal, thence it credits toward accrued preferred return, thence you enter split territory.Other operating agreements say that OPERATING cash flow is first credited toward current preferred return, thence to undistributed accrued preferred return, thence you either reduce principal or enter split territory (one or the other)...and any CAPITAL EVENT cash flow (refinance or reversion proceeds) first reduces principal, then preferred return and so on.While subtle, there is a difference. 

Also the only part of the water bill that follows is what was accrued from the date of foreclosure until the home was sold.

Out of curiosity, is the whole state doing as well as Denver is or are there some areas that haven't picked up just quite yet?

There is a longer period for interest and fees to accrue at a younger age over the expected period. 

Sometimes she questions things and I struggle to break them down in a way that I think she will understand but she is interested so I try to feed the curiosity.  

Out of curiosity, where could I find information related to how many unrelated adults can live in a single home?

No better place to be then here.Just out of curiosity is she in commercial PM or residential?

Out of curiosity, whereabouts in Maine is the project you're working on now?