If you are struggling to figure it out and you aren't working with a realtor, maybe consider asking a realtor if they will help you figure out the ARV for a flat fee of $50-$100. 

There is zero confusion on my end.The way a typical SF lease initially works is a group of friends collectively apply to a flat, the owner approves them, signs a lease, etc. just like anywhere.

This could be part of their liquidation process and next they may be selling the business altogether.

It seems like the house was built around the bathtub... after messing up the re-glaze I was planning to do (didn't prepare the surface well enough) I decided to replace the bathtub altogether.

Maybe I'm missing something else altogether?

But as you pointed out, I'm looking at a longer investment horizon, so I'm okay with that.My main argument is that it's flatly wrong to look at appreciation as a bonus.

A wholesaler that thinks they don't need to share the contract or that the end-buyer wouldn't want to review it, is a flat out shaddy idiot. 

If this is a consistent problem, consider putting utilities in your own name and adding a flat premium to the rent to cover utility costs that you pay.

In that case, you should be free to go straight to the seller with your offer and cut the wholesaler out of the deal altogether.

Eventually we settled on $100/mon/unit flat fee on $1000 units that we'll increase to $12-1300 shortly.