It will be reflected in the rate discount box on the GFE if you are paying for it.

Thank you all for reflecting on this and having a great insight!

The purchase price should reflect the existing rents and not the market rents... 

And as I think on it and reflect on different markets, it seems to ring true.

Reflect on what your "why" is and act on it. 

But in the more recent notice on it they started phrasing as :"This expansion of the term “working capital” reflects the fact that section 1400Z2(d)(iii) anticipates situations in which a QOF or operating subsidiary may need up to 30months after acquiring a tangible asset in which to improve the asset substantially "" (30 months after acquisition for rehabilitating existing propertyversus 31 months for acquiring and rehabilitating existing property or for constructingnew property)."

We will then have a purchase price adjustment to reflect the spread between the reserve account and the total depreciation on big ticket items.

Reason being that the majority of all remodel or building trades are in extremely high demand and home prices are up which usually reflects contractor pricing as well. 

If you are apply a product w a sheen, the light should reflect evenly even after paint has dried.

Numbers have been adjusted from my pro-forma number to reflect actual project numbers so far but is still project end of project numbers.* - Numbers with a single asterisk mean that I did not include these in the construction loan.