https://www.renterswarehouse.com/rental-listings/39331Now on this listing an important feature to it is the size, not just of the property but the lot, the feeling of big, space, and of semi-secluded.

Table 1-4 is the Rollover Chart in IRS Publication 590 that can guide you.

My designer just did a similar size refresh for $1500 fee and $2500 in materials. 

Looking at the two charts, plus knowing the RUBS estimate from your proforma of $121.8k, you can back into an expense number.

One of the agents @Eric Fernwood has posted several times on BP with charts and graphs comparing Las Vegas and a few other cities, appreciation over the years, etc.

So if the LP's have enough cash they simply pay the loan off and own it free and clear.. but the size of the deals are so large raising cash to pay off debt simply is not realistic at all so if the property goes into default your junior position investors find themselves wiped out.Further more thats why a debt fund like Chris has can be a good choice for the very conservative investor..

Taxes are calculated at sale prices and I believe much of these areas have had little to no re evaluation in years (I've experienced this myself on properties with rehabs that I've added double the size).  2) County vs "in town". 

A good friend of mine, managed a similar transaction last year: he merged several single-family homes around Florida and exchanged them for a mid-size apartment complex in Chicago.

What type of neighborhoods and sizes of properties are you considering?

Fees can range vastly depending on the type of loan, DSCR, Fico, LTV, and Loan Amount size.