@Joe Vahedi Every project I've done with recently added units has had some level of difficulty with appraisals - I have had to go out of my way to prove that the additional unit is permitted and compliant with zoning in order to qualify it with the underwriter and the income from it.Here's Fannie Mae's guidance on it: https://selling-guide.fanniemae.com/Selling-Guide/Origination-thru-Closing/Subpart-B4-Underwriting-Property/Chapter-B4-1-Appraisal-Requirements/Section-B4-1-3-Appraisal-Report-Assessment/1736875861/B4-1-3-05-Improvements-Section-of-the-Appraisal-Report-10-24-2016.htm#Accessory.20UnitsLenders and underwriters can speak to the details better than I can, but I would be VERY cautious about assuming a building with an unpermitted unit (even if typical for the neighborhood) would appraise with that unit included. 

My international RE experience is limited to South America, and it looks like I will need to build a forecast model from scratch to properly value the deal as the property and business are generational family-owned and the financials are not exactly GAAP compliant.   

Here in TX, we see leases that are not compliant with current rules pretty regularly. 

Giving someone money to go buy real estate, forming a JV, helping make business decisions or guaranteeing a loan, for example, and expecting a return on your money is perfectly compliant with the law as you are playing an active role in the investment.

You could very well be a good candidate for a move into commercial, NNN, or fractional products that are all 1031 compliant

Maybe my write up was laissez faire, but trust me when I say I responded to each compliant in a timely manner and followed the advice of the professional.

Also, what are some best practices to utilize texting and RVM while remaining compliant with FCC regulations on telemarketing?

. :( I'm sorry you're having a hard time :( truly this is hard.Maybe if you take the focus off the PM, put them on project status for now - as in " I will place you on my mind shelf and I will deal with you and your non compliant errant ways later - ' and instead try to mind-storm some creative solutions for addressing the vacancy/financial  issue?

(Are they good tenants - good payers, noise compliant, etc.? 

That makes sense that it would all have to be legal and code compliant.