I was willing to take a modest 30% of the profit and 3% commission being that it was my first deal and he had found and acquired the property.I had asked him to see the contract (as I was to be added to the contract) and for all information on what the numbers where in his analysis (holding costs, taxes, fees, etc.).

I also feel that the development he claims to have planned will not be completed in his life time, something like 10,000 residential houses, most in the upper price ranges, I don't feel that could be added to this area in any short timeframe.The apartments are what scares me the most, who's living in them is what I want to know, but my rentals are not in the nicer areas and I've seen no effect on my rentals. 

I wouldn't....You can run it up to a hardwood shoe molding with a bead of bath silicone around it. 

If you’re looking at a class C or a class B apartment that have value to be added to them, your return can be much greater than the way you are calculating it now. 

It is also near a large naval base that is going to be adding more jobs, as well.

The one thing I see that needs to be added is to have somebody re-connect the water meter; those are usually disconnected from the pipes at both ends.And who know if there is a laundry area that has a clothes washer (not on the list Roy had).Ditto for any pool / hut tub / spa.

Can you tell us more about the Laundry Room you will be adding next year and how this will add value to the property and is a way for you to capitalize on additional income?

Lenders normally add back certain items such as depreciation and one time repairs.Cost segregation normally increases the depreciation expense which would be added back for DTI purposes.

Typically in basements, egress windows need to be added so that there is a 2nd way to exist in case of a fire.

There is no value to be added by an investor.