That's when the "Well...actually I had this hiccup with my credit awhile back" admission comes along :)

The expectation (from the IRS as noted in the myriad of lawsuits that you have researched) is that you "will" pay yourself a reasonable salary and there is no getting out of that because Uncle Sam wants his money.Your own admission of not being able to find any precedent should be a warning bell.

You're actually planning to screw elderly people who by your own admission are not in any position to enter into such a contract.You, my despicable, unethical friend, need to be taken to the woodshed.

No one is going to do anything if people do not stick up for themselves.. you can also get a lawyer I suspect a few harshly written letters to Morris ( forget Oceanpointe) I suspect they will be insolvent.. but Morris I suspect has the wherewhithal to make this right.One person got on BP and did one U tube and posted it here and Morris made a deal with him to take it down and then they would REALLY go renovate like they should of in the first place or give the guy his money back.. in a stunning admission the guy gave MOrris a pass and kept the property.. the reality Is these properties are not as advertised..

I work in higher education as a college admissions counselor.

That is the price of admission.

cite=79.02.310So I don’t see a problem.The State would not prevail unless, in addition to my admission that I cut the timber, it was also able to prove it was my intent to deprive the owner. 

I've spent the last 3 years recruiting for Undergraduate Admissions at two different Universities.

As to admissibility, it is absolutely admissible in court as a statement of a party opponent. 

Now you need to adjust the cash flow return for inflation as well to be perfectly fair.Then, a lot of investors, including Mike, by his admission, do not put 20% down, but 5% or 10% (I know sometimes 0%, but we will not go there for this example)Now calculate appreciation on 10% down and see where we are. 10% down is very common, when you consider that lines of credit or owner seconds are common to obtain this leverage amount.