5 - What does this actually mean, and how does it matter?

Your disposition may be to move forward with that as i believe i read in your introduction - but not needed to understand and develop some degree of comfortability.  

@Mark Thiel This is not legal advice but I think most LLCs are overrated unless you are required to have them for lending like with many DSCR loans.

Connie this is not true.. there about 15 states that require state license and NMLS in CA you can do HML with a RE Broker license legally.. 

Rebranding properties with poor reputations can also be a valuable strategy to attract new tenants.By implementing these strategies, you can lower expenses, increase efficiency, and ultimately boost your property's income.

Using 30% to 40% is aggressive enough to win an offer especially if you can close less than 30 days.

There’s also a small chance this means “not done/not attempted”. 

Purchase price: $2,800,000 Cash invested: $560,000 The property is a three-story multi-family residential building with six independent units, initially facing significant challenges due to poor conditions.Renovation Investment Summary:- **Structural Repairs:** $250,000- **Kitchen Modernization:** $100,000- **Bathroom Updates:** $50,000- **Exterior Improvements:** $100,000- **Holding Costs:** $50,000- **Property Taxes:** $30,000- **Insurance Costs:** $10,000- **Management Services:** $10,000

Here's an article with additional FAQs on cost segregation studies that you may find helpful.

I thought we were supposed to have rates that were more favorable?