In this case, it would mean below market rents and/or above market total vacancy to where the timing of capturing the loss to lease is not material to the decision.There are many investors and sophisticated investment groups that notice aggressive assumptions as you mention above and they are deal breakers for those investors and groups because they lose confidence in any of the assumptions in the underwriting or business plan.

I use Philip Milman of Milman & Company - they work with a number of investors I know in Toronto, and were referred to me by an investor.George and Peter at BDO are renowned, but their fees are quite high (I recall my consult was $500+) and I am simply not at that level of sophistication to justify the fees.

I love the sophisticated feel of it but hard on my iphone.But it feels nice!

The former owner had payroll of $250,000 (which we fired and replaced with a manager for $30,000) and the rest was through raising rents and getting on-line a few vacant park-owned homes.

Also, it's never a bad idea to seek out legal advise if any uncertainty exists (Which is what I recommend to my Clients); however, this doesn't sound too sophisticated, so I'll let take a back seat.

Based on the limited terms and language used this is not a sophisticated or large lender.   2.  

They need to be either an accredited or sophisticated investor (which has to do with their income and assets) and then you can structure pretty much however you like with a split in equity, a preferred return (partner gets the first X% of income, if there is positive income) or interest rate.

 for my market research, I use city-data.com I’m sure there are more sophisticated systems out there, but this website is great at showing crime levels, income levels, housing prices, and much more in an easy to read format.

I have also spoken with two CPAs who don't think it is an issue so long as actual income is high enough about the 'reasonable salary' such that the tax savings are equal to or greater than the $2000ish annual costs of administrative maintenance (LLC expenses, payroll company, added filing expenses, etc.)Is anyone actually doing this who can shed a little light?

It’s probably not that the Rate is that high (the %of payroll charged), or it may actually be, states vary widely in rates.