My comments reflect that the investment you propose to either syndicate or interest an investment partner can not offer these investors a return competitive with other opportunities in the market, for the same level of risk.  

However, if you really believe you can do maintenance/cap ex at $45/month (you would be wrong) and you believe your underwriting, it is on the edge of being an OK buy n hold, but I would still pass as buy n hold because that price point reflects a poor historical appreciation.  

However, my actual take-home income is much higher than what tax records would reflect.

Reflective of the percentages represented in the purchase.

If the owner decides to sell, the "comps" will not reflect the improvements to these homes and it will be hard for retail buyer to get the needed appraisal.

@Tariq Bahay  One of the benefits of experience is reflection on the things that did NOT go as planned. 

Second option only if perspective costs are reflected in the monthly rent.

And, no, I don't use weasel clauses as eventually that's a reflection on your ability to do deals

Well, this time delay is why they are taking so long to reflect the downturn in the current market.

Reflecting on my first few posts I think they weren't all that personable.