Your explanation is spot on.

The original post is almost humorous because its so geographically restricted.In 2008 my friend Mike Cantu convinced me that we should let go of some of our money and start buying NP mortgages.

Thank you very much for the detailed explanation.

Thank you forgive explanation! 

And their explanation made sense to me. 

After I watched this video I decided to ask ChatGPT the keys to building a $100 Million multifamily real estate investing business (coincidentally I am writing a book on this topic)ChatGPT's Answer:There are several key factors that can contribute to the success of a multifamily real estate investing business:Develop a strong business plan: This should include a clear vision for the company, as well as specific goals and strategies for achieving them.Build a solid team: Surround yourself with knowledgeable and experienced professionals who can help you identify and acquire quality properties.Focus on a specific market: It can be helpful to specialize in a particular type of property or geographic location, as this can allow you to build expertise and become a go-to source for investors in that area.Invest in high-quality properties: Look for properties with strong potential for appreciation and cash flow, and be willing to put in the time and effort to make necessary improvements and updates.Utilize effective marketing and networking: Network with other professionals in the industry and use marketing strategies such as social media and targeted advertising to attract potential investors and buyers.Manage properties effectively: Proper property management is crucial for maximizing the value of your investment and ensuring the success of your business.Continuously look for opportunities to grow: Stay up-to-date on market trends and actively seek out new investment opportunities to continually grow and expand your business.This is a pretty good answer, and frankly it's amazing when you step back and consider that this service is brand new and 100% free.AI is going to change real estate investing, along with every other industry.

It's a pretty complicated formula but, if you google IRR definitions there are some pretty decent explanations.  

@Joshua Chen take my advice or leave it...BP is full of people willing to share their expertise and insight, but you really should spend some time researching topics before asking someone else to take their time and write another explanation for you.  

If irs does send you a letter asking where is this LLC reported, just send back explanation it did not start business until 2015.

The simple dollars and cents explanation of denying them the house should keep you out of any trouble and leave them to try and sucker another landlord.