I know there are a lot of variables/ "what-if's" but any advice is helpful!

How much gross leasable area, how many offices, current vacancy rate, age of building, any proximity to hospital or surgical center, what type of loan product for first lien, variable rate/fixed rate, the terms etc ie SOFR + what spread etc, current NOI, cost per square foot, replacement cost per sq ft, and any and all details you can share, I assume HENRY Capital compensation will be similar to your Fund 1, with 8% preferred and 80/20 split? 

Monthly rates are a mix of variable and fixed costs based on the number of properties; with three properties here is what I pay (published rates):Hospitable $72Pricelabs $50Intellihost $59Canva $14Open ai $10Houfy $11$216 * 12 = $2,592

Its just too many unknown variables for me to lean in on it. 

They want that money working day 1.Many of my investors making millions per year or higher at their job or business are more concerned about safety of the investment and the hassle factor ( variables in a syndicators pro-forma that could go wrong and the returns could not materialize like they hoped ).Someone mentioned office. 

Hi, I like the Property Evaluator App for a quick check, can change variables nicely for Canadian markets.

So, a simple rule of thumb would not account for the wide variability in what it might cost.

And their roof loss settlement is "variable by roof age", not actual replacement cost, nor depreciation adjusted (most insurances will hold the depreciation portion of a claim till the repair is done and only then release the funds).Make sure you compare apples to apples when shopping around, pay attention to what they give you for "free", what deductibles apply and when exactly you can get coverage from the insurance and to what limits.

Get to know your variables like construction cost and values and rent amounts.

The more frequent the turnover, the more time required and the corresponding higher cost.There are also market variables, dependent on the property location.So, you are basically correct with your theory:)