I do agree we investors get sick of people asking for criteria, but we also have to remember that we play the numbers game too and the more people we have shopping for us, the better our chances of landing another deal on someone else's efforts!

@Russell BrazilAny appreciation opportunities in these areas, or would these be mostly just cash flow plays?

Even if they play hard ball, from your numbers above, you'd make about a 30% return on the improvements- that's not bad when coupled with good cash flow. 

So I am an out town investor and have a potential deal in play that is comprised of scattered multiple multifamily buildings in Cleveland area. 

Reading this though, you will be living in the same house so my thought is are you anticipating unruly roommates which you could screen against, or are you playing it safe by anticipating what could happen? 

I usually have the audio stuff playing while on my drives.

Thanks for playing devils advocate though always good to reevaluate my decision.

City of Los Angeles TOC is an incentive to offer a density bonus and less parking.

Expect the fees and interest rate to be higher, expect the LTV to be lower and likely you'll be paying interest on the full amount of the loan from day 1.I agree with Dmitriy however that UBIT is in play regardless of whether or not there is a recorded lien or an equity partner.

The best way to explaining this is for you to download an IRR calculator spreadsheet or build your own simple one and play around with one.For what its worth most deals I deem meeting minimal IRR standards is 13-15% but you have to dig a little deeper to uncover the real placements of cashflows and capitalization events... and then dig even deeper to verify the assumptions such as occupancy, rent increases per year, and what reversion cap rate was used.Again I don't look for IRR cause its manipulated a lot instead I look at total return on a 5 year basis.