It is a matter of perception.

I think not.In legal gray areas it's all about appearances and perceptions.

She says that there is no alarm system on the house so I stepped back in to let her hear the siren blaring.

Need to educate the owner, show comps on similar buildings and land value assigned to those comps with the deductions mentioned.What the seller has will be defined by the highest and best use to a buyer, not their perception of the use.The other side is making improvements to the subject, look at the ARV and deduct costs, fees and management required to bring the existing property to it's highest use or at least an acceptable use. :)

My high level perception is that the closer one gets to Overbrook the higher the appreciation and lower cash flow.

But ultimately, I think it comes down to perception by people in the area so asking around is the better way to go.I'd also suggest asking realtors.

Is my perception correct that me being listed as the managing partner leaves me with total liability and him with zero?

Hey, it's all in the perception.

Should be able to see through that kitchen wall out the back door onto the deck or garden area, that should give the perception of opening the room outside.

perception is everything...