This, along with the fact that long projects with fluctuating cash flows may have multiple distinct IRR values, has prompted the use of another metric called modified internal rate of return (MIRR).

If the ownership structure was simple LLC shareholders, the federal judge would likely want each share holder to be a distinct entity with different ownership contingencies.

An interesting distinction, as in my mind, it was the opposite.Since the buyer did in fact pay over asking,  and was very easy to work with through negotiations, I, after careful deliberation, bought the buyer a new roof. 

1) Don't buy 2nd's unless you know what you're doing (which you probably don't).2) Don't forget to check for all the other liens that might stay with the property, but do make distinctions between liens that stay with the property and liens that don't.3) Don't by sight unseen unless you're trying to place a ridiculous amount of capital and you can make it up on volume.4) Don't buy without determining occupancy status and the "temperature" of the occupants.5) If the guys that show up every day are bidding on something, you probably can't make it work on your margins.6) Don't get emotional.7) Seriously, don't get emotional.

I believe that the distinction lies in that it's a short sale, and that the negotiator is convincing the lender to forgive debt, and the lower price can result in a bigger deficiency or tax liability for the seller as well.

This particular property is in 92105.The other thing that's not shown here (that I intentionally removed prior to posting) that many people don't think about is the distinction between Operating Cash Flow (cash available from operations) and Free Cash Flow (cash available for distribution after re-investing in the asset)  ... as well as the percentages for Cash-on-Cash, Earned ROI (including value of loan amortization), and Unearned ROI (including market-based change in value).I was asking what you mean by "working for buy-and-hold" because I usually see people enter the market already restricted: has to be an area I want to live in ... only $X available to use out of pocket ... must be in a condition financeable for FHA ... must be an SFR ... has to have historical expenses available ... must already be a residential property ... whatever. 

That puts you at a distinct disadvantage investing in this market.Many of the podcasts and Management members have ideas which may work in certain markets or in different market cycles. 

Without getting too deep into legalese, it means that a plaintiff can get around the protections of the LLC and get at the assets of the LLC's individual members by showing that the LLC and the members are really one in the same; that there is no actual distinction between the entity and the individual.  

Anywhere from $1500 to $8500 for a standard commercial property (with a few distinct outliers!)...

That's an important distinction - I'll be keeping it in mind.