Quote from @Travis Smith: Age 56 and retiring from farming and I’ve been very good at avoiding income taxes with depreciation and business expenses.  

As a result of being federally charged with these crimes, you may face monetary fines, penalties, prison time and other consequences of Equity Skimming.Equity Skimming and related penalties of sentencing are detailed in 12 United States Code USC Section 1715Z-19.

The 50 / 50 split above a 15% LP IRR is also extremely favorable to the GP, and relatively unheard of (at least in the institutional private equity world). 

What I'm wondering is: is there a way to get the cash invested into this rehab back out of the property in a relatively short timeline, as if it were a BRRRR?

He is very emo immature for his age of 33.

that we’ve learned in our 24 years, managing almost 700 doors across the Metro Detroit area, including almost 100 S8 leases:Class A Properties:Cashflow vs Appreciation: Typically, 3-5 years for positive cashflow, but you get highest relative rent & value appreciation.Vacancy Est: Historically 10%, 5% the more recent norm.Tenant Pool: Majority will have FICO scores of 680+ (roughly 5% probability of default), zero evictions in last 7 years.Class B Properties:Cashflow vs Appreciation: Typically, decent amount of relative rent & value appreciation.Vacancy Est: Historically 10%, 5% should be applied only if proper research done to support.Tenant Pool: Majority will have FICO scores of 620-680 (around 10% probability of default), some blemishes, but should have no evictions in last 5 yearsClass C Properties:Cashflow vs Appreciation: Typically, high cashflow and at the lower end of relative rent & value appreciation.

When under contract at 300k with the expectation that codes would be the determining factor on what can be done on with the property, as it relates to new construction.

If you can relate, what were the first steps you took and how did you build your confidence in REI?

When under contract at 300k with the expectation that codes would be the determining factor on what can be done on with the property, as it relates to new construction.

We are only allowed to screen non-tenant applicants for criminal and rental history, nothing financially related.