The ethically correct thing to do would have been for Kirt to communicate to us during our initial consultation that we were not a good fit for the program given that we were already too advanced.

They have a knowledgable and ethical core group of partners, and are NOT based upon high leverage deals that drastically increase the risk of capital calls, or sinking of the ship.

It's just not legal and some would question the ethics behind it.

If you attempted doing that as a real estate licensee, that would be an ethics violation that could put you in hot water and wind up costing you hundreds to thousands of dollars in fines. 

You pay for things as a convenience doesn't mean someone needs to be a sucker on one side long as its a fair price and done ethically. 

I couldn't ethically in good conscious post some of the calls I've had.

While some would hope they don't get caught during the option time period, the ethical thing to do would be to approach the loan holder and get approval to continue with the status quo until the option exercised.  

I am glad someone in this city seems interested in ethical investment, but I can think of a few reasons why they might accept a offer that low:1.

There's a way to do this business honestly and ethically.

My criteria are documented and I have been refining them after each property while I learn what I really want in a tenant (note that I do not refine "during" the process as that would not be ethical).