We did meet with one attorney and I would like to illustrate why it's important that the legal information comes from an investor specific attorney.

In finance and accounting we look at a "Quick Ratio" (also known as the Acid Test) this shows the ability of a company to meet obligations, but this only looks at current assets or liquid assets and current liabilities, real estate is not a liquid asset.So we move to other ratios like "Current Ratio" and "Cash Ratio" these to help to illustrate the ability of a company to cover current debts.As to mortgages or long term debt, coverage is difficult to predict due to uncertainty over longer periods, but by looking at the current coverage and cash available we can see what funds remain for these other obligations.Most everyone is familiar with the debt to income ratio we suffer through at a loan application, say 24/36, meaning that you should not pay more than 24% of your income to current liabilities, revolving accounts and car loans, the 36% includes the 24% to establish your ability to cover the mortgage, total debts should not exceed 36% in this instance.

You would be better off, IMO, if you at least had a plat survey and used that for a before & after so that a person in the Zoning Department could see an illustration of what you are trying to do.

@Peter Nikic, excellent illustration. 

See the illustration below.In a declining market, the current rent reflects property prices from 2 to 10 years ago and they are likely to be relatively high compared to areas with appreciation.

This is a great illustration of the power of private equity partners. 

In one of the best-known studies illustrating this particular human vanity, in 1981 161 driving students in Sweden and the USA were asked about their safe-driving skills, 93% of the American students considered themselves above-average, while only 69% of the Swedes did likewise.

Buyer perception illustrated with prices paid.

Repairs are needed and the seller will most likely want some cash back initially.For the purposes of illustration, let’s say the following:Fair Market Value300KSales Price210KRepairs100KCash to Owner100KWhat no money down techniques are suggested to meet the needs of both parties?

@Amy Johnson I love his story line, and the way he illustrate it in real life events.