The same applies with cash on cash vs cummulative cash on cash, terminal cap rate (forecasted years 2-5), etc.Finally, am I correct to present the IRR in a given year with the assumption of the sale in that year?

But thanks for the assumptions.  

You’ve got a lot of assumptions packed into your plan .

I just think you're making it a bit simplistic, and I disagree with some of your assumptions.

In a situation where you manage the trust and are the trustee (an assumption I'm making), either way works. 

I'm not making any assumptions about you, the property or your market, but that is how I try to look at something like this.

Not certain if I could command a higher rental due to it, my assumption would be yes, albeit slightly. 

You don’t want to be aggressive in your assumptions especially when you are raising capital from passive investors.

I would still need to get additional data from him about expenses, etc to fully vet the deal.My thoughts and assumptions on tax value are multiple offers: 1) Seller financing for 80% after 20% down from me – Best tax advantaged?

After the GREAT REFI, accounting for cap ex and vacancies etc each property should cash flow around $400 a month.  1) Go ahead and please point out any follies in my assumptions.  2) I'm not sure if just taking out HELOCs on each property would be better than totally refinancing them?