First thing first, regardless of the future disposition, you need to purchase and own a loan.

IRR takes into account all of the in and out flows of capital, including refi and disposition.

Your model is fine, except I (contractor) would push back on the provision requiring tenant repairs/ modest improvements until disposition.

Are you using the gold package....1 cold caller, 1 acquisition, 1 disposition and 1 lead manager? 

Toronto has a premium that I have no experience with, though I've heard it is simply double.I guess I mis-remembered - here it is from the Gov of Ont web site https://www.fin.gov.on.ca/en/bulletins/ltt/2_2005....Effective January 1, 2017, the tax rates for land transfer tax will depend on the date of the agreement of purchase and sale.If an agreement of purchase and sale is entered into after November 14, 2016, and registration or the disposition occurs on or after January 1, 2017, the tax rates on the value of the consideration are as follows:amounts up to and including $55,000: 0.5%amounts exceeding $55,000, up to and including $250,000: 1.0%amounts exceeding $250,000, up to and including $400,000: 1.5%amounts exceeding $400,000: 2.0%amounts exceeding $2,000,000, where the land contains one or two single family residences: 2.5%.and yes Toronto is double.Not sure about prices in London, Windsor, Hamilton or other locations but in Toronto, just the land value of a lot in most cases will be much higher then $400,000.

@Joe White you hit the nail on the head...I'm hoping to leverage that side of things to aid in giving me a unique disposition towards projects.

I've only found the below that sounds like what I would do unless I received a 1099-BForm 8949, "Sales and Other Dispositions of Capital Assets," to figure the amount of gain or loss from the sale.

The difference between your acquisition and disposition is your spread (using your example $55k - $45k = $10k to you).

It’s been useful in the rare cases where I’ve had a fundamental disagreement on the disposition of the property with the investor.

They not only can assist you with sources for lending but also every aspect of acquisition and disposition of property.