Will the preferred return be accrued and paid out prior to any split at sale?

In the event the Premises are destroyed or rendered wholly uninhabitable by fire, storm, earthquake, or other casualty not caused by the negligence of Tenant, this Agreement shall terminate from such time except for the purpose of enforcing rights that may have then accrued hereunder.

The immediate equity accrued upon renovation of these properties is about $360K.

I've read a handful of the Bigger Pockets books and have accrued enough knowledge and capital over the years to get my hands dirty THIS year.

I have a real strong curiosity about it.

Upon termination of the tenancy, such security deposit, whether it is property or money held by the landlord as security as hereinafter provided may be applied solely by the landlord (i) to the payment of accrued rent and including the reasonable charges for late payment of rent specified in the rental agreement; (ii) to the payment of the amount of damages which the landlord has suffered by reason of the tenant's noncompliance with § 55-248.16, less reasonable wear and tear; or (iii) to other damages or charges as provided in the rental agreement.

Hi Kevin, where's your property located, out of curiosity?

Also out of curiosity, what was your replacement value insurance relative to what you paid for the deal.  

Now that I have my MLS access, I've been straying pretty far, just out of curiosity and I'm winding up wasting quite a bit of time tying to evaluate "pipe dream" properties, instead of just focusing on what I can actually afford. 

Just out of curiosity, would you intend to live in an of the units?