If it's closer to $1200 than $1100, it might be worthwhile to see if you could offer them $500 + their security deposit back (which you'll probably have to return anyway if the previous owner didn't keep good records of the move in condition, which most don't) and see if they'd be willing to move out. 

Endless financials, tax returns, and questions from guys sitting behind a desk that have never ran a business, risked capital, sold a product.

They required personal finance statements and 3 years of tax returns to start as well as an analysis of the operations of the building, which came out favorably (1.66X debt service coverage, I think the target is 1.25).

If you can buy a stable light value add deal and get a 15% IRR on a 5 year hold and the vacant building only returns you 17%, it may not be worth it. 

If you have an LLC, fees are here : https://www.cyberdriveillinois.com/news/2017/decem....For taxes, it is possible to get a small deduction from the LLC's return via a pass through deduction but the tax law around this is complex and situation specific.

All the numbers are accurate except the CoC return.

Bookkeeping is their wheelhouse.Salary/payroll/employment tax returns can easily be outsourced to third party platforms (e.g.

Let me know if you or someone you know might be interested.Loan Requested:$40,000 (secured by a second deed of trust)Interest Only Rate: 8%Total Loan to ARV (After Repair Value): 76%Loan Length: 6 MonthsMonthly Payments: $267Total Interest Paid Up to 6 Months: $1,600 (plus the principle of $40k back then; if money returned earlier, it'll be however many months the money is out)Is this a good deal?

Percentages on buying and returns on investment books

What type of return are you expecting?