Dividend calculations can vary company to company, you really need to review the historical numbers For consistency and the illustration for future numbers. 3) Companies mode of income.

@Logan Swanson to keep it really general, cap rate is simply an illustration of the expected "rate of return" that investors are currently expecting to receive if they paid cash for a property. 

He illustrates the power of this technique by explaining the thought process from the seller's mind shifting from "yes" or "no" on 1 offer to "which of these 2 offers is the best?"

I would ask for a detailed    review of fees and an illustration that projects what your investment may look like when the fund refinances or sells.    

If the deal is really that overpriced, you need to illustrate that even in best case scenario (pro forma) conventional financing limits this acquisition to these variables.

To that end, if you haven't already put together a packet that illustrates how successful your 5-property portfolio is, I would definitely do that.

Frankly speaking we just don't have the population dynamics or the geographic constraints that it would take to produce a true PoP investment strategy like you can find in Tier 1 metros or quickly growing 2nd and 3rd tier metros with geographic barriers.To illustrate this, I would recommend driving down each street between NW 10th and NW30th, from May to Classen and back. 

David Goggins mentioned a concept that illustrates this...

Here's a good graphic that illustrates this:For instance, now that your debt to income ratio prevents you from getting a mortgage, this is an opportunity to learn CREATIVE FINANCING.

The rhetorical question is hyperbole, but it illustrates the point.Look to hours spent running and operating the real property trade or business.Something like continuing education hours required by real estate agents to maintain their license with the state would count.Hours spent by investors reading books, online articles, blog posts, not so much...