However, this can also imply more expenses and obligations.7.

That is when you have continuous use for 5+ years with no interruptions, it is therefore implied.

Based on suggestions by @Daniel Han and @Arn Cenedella implying or stating that the magic number was just a 10% IRR alone, I went back to my whiteboard and worked through even more scenarios.This time, I resolved to only use figures stated in nearly every OM distributed - the total amount of Raised Equity and the predicted Distributable Cash.

I did imply in my description that it was not a luxury stay and priced it accordingly.

Because it’s implied that you are the expert, and may have used your expertise to take advantage of someone who didn’t know better.

You're implying that your offer isn't the best choice in a way.

On day 2 I realized why they wanted us to have that kind of limit:  the menu for the advanced class was $21,000+ for the first level, an additional $5,000 for the next level which included a 3 day "hands on" with a trainer they send to your city, and then the platinum level for an additional $15,000 ($41,000 total) which gets you a designated mentor.  

Thank you - I'm currently working as a personal trainer and I'm studying for my real estate salesperson's license.

This implies even 15% is not enough for the cap ex for this property.At large unit count properties such as large apartment complexes with maintenance staff they have much lower cap ex than lower count units.  

I believe an agent's fiduciary duty to a client is contractual not implied.