Income approach should play some role, but not major.

No offense but your post sounds very advertisy and no way income and expenses were categorized opposite even so you didn't lose on the income because it would've negated the expenses and vice-versa.Why would your bookkeeper add any equipment depreciate, this is your CPA's role unless that person was doing both. $20K additional income?

Its interesting because I asked about whats the role of the non accredited investors?

I've exercised so much grace and patience with this guy throughout this year 1/2 debacle, so him threatening me while I'm trying to make sure I'm protected really doesn't feel good.

Though, I suppose it would still be a good exercise to do these extra aspects of a search for practice, mostly since I'm looking for myself too! 

You've clearly been exercising your mental muscle for deal analysis and there will be others.

@Nathan Gesner thanks for that exercise you shared.

The scenario you described is akin to playing the role of a lender and paying yourself the loan percentage—investors pay themselves much like how a bank or private hard money lending institution would handle it. 

What skills have proven to be most crucial in this role?

Franchising played a huge role and many people became proud owners of McDonalds.