In the case of the S&P example above I would have $1.7M of return (at least all my portfolio statements would indicate this), but it is not used until I somehow leverage the equity/stock value increase (for the S&P this would typically be via selling shares).As a final aside for anyone that is not familiar with appreciation markets...  

I did a final walk through inspection today and the place smells excessively!

We didn't have a final walk-through because he left town (he won't be moving across the street for a few weeks).In addition to leaving a big ugly mess (including rocks and turtle crap in the bathtub, which i mention only because it's original) and leaving behind huge furniture in this third-floor apartment, there are two much bigger deals:1) I believe he has sabotaged the plumbing.

It allows for four draws to pay contractors, 10% draw in the beginning, 2 progress draws, and a final draw after the final inspection.

And if you don't have something about falsified application information, then look through the lease with a fine toothed comb to identify lease violations so that you can find grounds to evict.The longer you have this tenant, the more likely your property is going to be degraded from others in that neighborhood.Lastly, I have posted this previously, but worth mentioning again.

Since then we've had the inspection and have been trying to agree on a final contract but have been getting the run around from the seller's realtor.  

A finance contingency, and Earnest Money Down non-refundable after DD is completed are typical.  

Dan Stewart I don’t know Michigan law or common practices but out here the buyer does a “final walkthrough” often the day or a few days before closing.

I know stock options is a method of funding growth, but I don't claim to be a finance major, so my understanding of it is only on a surface level.  

This is exactly when passive investments like TICs and DSTs (Delaware Statutory Trusts) function best - combined with some good estate planning and a final 1031.