If the Tenant Buyer exercises their Option, the investors gets the rest of the equity and usually reinvests into more of these, but doesn't have to.

There are niches that aren't as effected, but I would exercise caution in the predominantly undergrad areas.From what I hear, crime may have ticked up a bit, but its all about which neighborhood you are in.

There are no closing costs until the option to purchase is exercised. 

Like if the tenant decides to exercise his option to buy?

@AP Horvath it is true that you can't  purchase the NNN properties and immediately increase the rents, but many of the leases have reset dates of rent increases and options they can exercise at the end of there lease terms which were based off future projects, which may or may not fall in your favor depending on market cycles you fall in. 

@Jeremy Trier if most shareholders aren't interested in selling, then it seems a pointless exercise.  

Treat it as a training exercise.

@Spencer Cornelia this was just an exercise to get feedback whether my due diligence numbers/assumptions were validI agree that this is not worthwhile proceeding under the current numbers :)

I know that this is likely more of a mental exercise as most of my knowledge is in single family- but the idea of buying land and starting from scratch for multifamily does peak my interest quite a bit.

You also get to ask questions, do exercises, and interact with other students.I haven't taken Wholesaling Inc's program, but I totally love their online material.