I get the depreciation aspects. 

I will check with the seller whether they are getting confused with seller financing aspect.

And the fact that I've known this wholesaler for quite sometime outside of the business aspect still has me believe there were no fraudulent or misleading practices done here.

Achieving a 4098% IRR in just 58 days is nothing short of remarkable.I’m curious about a few aspects of this deal:Entitlement Process: Can you elaborate on the land entitlement process?

Only asking since most newcomers to wholesaling get caught up in the aspect of having "all their ducks in a row" that they forget to focus on what actually matters: deals. 

It is missing one aspect of property management - maintenance requests/tracking.I'd say Stessa is great for managing one to 20 units.  

I would not add much, a simple bedroom, bathroom, kitchen, and hvac.Another aspect of this deal is that the building is listed as a historic building and thus could qualify for some grants. 

If you have a good screening process that checks all aspects of their background, you'll weed them out through other means.

You've got to bring your A-game in all aspects.

Positions like these can provide valuable exposure to different aspects of real estate while helping you network with other professionals.