If the capital is not evenly distributed then you can obviously adjust the 40/40 accordingly. 

I figured the Subject line would catch  your attention lol so lets get to it 26 Year old , Passive investor with a few retail commercial buildings ( $700K average price tag )  all rented out  and a couple business i run , all owned by me . 

The replacement tax is not a huge deal; however, in MI you won't be subject to it.

Do you operate a STR or have knowledge of the subject?

How To Clear Title After Probate 5 Heirs - 2 Heirs Have Liens (Unpaid Child Support)I bought an un-probated property Subject To.

If you are going to value the subject as though stabilized, you should assume that the vacant units are rented based on an estimate of market rent to estimate your PGI and reimbursement income.

A pre-approval usually involves providing real information to the lender and having them issue a light approval, which is then subjected to the full underwriting process.Sometimes they are used synonymously, and sometimes pre-qualified doesn't actually mean anything at all. 

What, otherwise, will be the policy in relation to dividends – to what extent is it intended to distribute / retain surplus profits?

To be sure just call the Tax Accessor for the subject county . 

They have  first lien position and the sale was subject to the first lien.