Best practice is also to sensitize the cap rate upon sale, so that you understand how that will impact the IRR.

Anything else I should know/be sensitive to?  

A lot of people are sensitive or allergic to scents or perfumes, so you are going to have unhappy customers. 

These are some of the most sensitive transactions that one can get into.

It's kind of like insurance, you don't need it until you do...I agree with Account Closed, once you do enough sensitive deals, lawsuits or complaints will pop up.

The way banks are structured, there are extraordinarily sensitive to interest rate fluctuations, which is why the place balloons on deals.

I would not give him the personal information and/or permission to access such sensitive information.

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For direct ownership of real property - which often is time sensitive and generates a lot of transactions - the latter model is generally much more effective and efficient. 

If there's a hole, it may be a red flag.b) sensitivity analysis: I examine all the assumptions, and make sure I can live with the worst case scenarios.c) "Stall and see": if they are getting money over multiple years, and there is no penalty for investing later, I would usually wait so I get some real performance data, versus having to look at theoretical pro forma information.d) Recession stress test: I will not invest in anything, until I subject it to recession level stress and see if I can live with the result.