That is very helpful… “Wow, that is extremely generous of you!”

Personally I invest for cash flow and consider any appreciation a bonus.

The bonus is that they get their money back along with 10% interest  in addition to the education and experience they receive.  

Not to mention, if that area appreciates 5% so every house is now worth 105k in a year you now have 25k equity(20k down+5k appreciation, ignoring amortization) that is a 25% extra return on cash spread between 5 investments instead of 5% bonus return on cash if your 100k down increased to 105k.

A garage in my opinion is a added bonus but defiantly not of high importance to the majority of renters.

A bonus question, I have other rental properties with large equity in them, can I apply HELOC now (for backup) while applying the TIC loan (suppose to close escrow in 30 days from now)?

BP folks were very generous sharing their spreadsheets, and other advice, with me.  

You can deduct 50% of it the first year with bonus depreciation which is nice.

If this guy is open and willing to share valuable info with you that's a bonus.

I think it's a fairly generous policy but it limits my losses to 15 days rent before filing and it gets rid of habitual late payers that can't/won't get with the program.