If it's too good to be true...It looks like a normal hard money lender, that is using the "Private Lending" phrase as bait. 

When their lease runs out you can gamble with someone else I guess.

It’s usually 2x normal permit fees. 

But a 1% deal with applied logic is normally the making of a GREAT investment in Austin.  

You may be able to pay this individual to leave - which is normal in your state - but what's to stop the next tenant from doing the same thing?

@Kim LeduffIf you work with your CPA, they will normally calculate the depreciation for you.There are tax software's out there where you can do your own return, however, calculating depreciation is not as simple as plugging in a number.1) Step one - calculating the total basis for building/land.

A normal loan with principal would cap the LTV due to lack of cash flow.

Stand outside one of them and speak in a normal voice; it's bad news if the person inside can hear everything you are saying. 

When there is once again free-grazing cattle, widespread lowland forests, and barley in Greenland, we will have achieved the global temperatures that are more normal of the Holocene as a whole and will have finally recovered from the Little Ice Age. 

What does your PM charge you in relation to what they charge you for normal long term rentals?