Supreme Court's Howey case and subsequent case law have found that an "investment contract" (aka securities offering) exists when there is the investment of money in a common enterprise with a reasonable expectation of profits to be derived from the efforts of others.

Subprime was a sideshow, derivatives were the real timebomb, read Liar's Poker and The Big Short.

This is for the 12 month period ending Feb 17, 2021.The cap rates were estimated and derived based on the following assumptions:1) Net Income will be 50% of listed Gross Income.Below you will find Chicago Cap Rates by neighborhood.

How do you derive reliable information by looking at similar/targeted listings on Airbnb? 

Since the property is vacant I’ll assume there is no operating expense history, so you will have to derive that from similar properties.

I have derived this strategy through late night readings from Brandon Turner’s “The Book on Investing In Real Estate with No (and Low) Money Down: Real Life Strategies for Investing in Real Estate Using Other People's Money”, Google, and podcasts (Max Maxwell, Side Hustle Pro, and Marco Santarelli).

The affidavit said: “Building or constructing homes for future sale (50% or more of business revenue derives from building a home under contract with an identified Purchaser is eligible)” I certify that the above requirement applies to the applicant business.My research led me to this SBA document from 2011 that describes SBA lending ruleshttps://www.sba.gov/sites/default/files/files/SOP%2050%2010%205%28D%29%20%289-15-11%29%20clean_0_5.pdfThe current SBA guidance linked to these old rules for PPP eligibility.

I did get an AirDNA subscription for the area, but in all honesty it is very difficult to derive much insight from it.The big questions:1.

How did you derive your ARV?  

It is derived from the trends in pending, active and sold listings compared with historical data over the previous four years.