Once you add those adjustments I would then calculate your cash flow (income-expenses including your mortgage) and divide that by your down payment (which appears to be $44,000) to determine your "cash on cash" return.

The lender said they can issue an escrow analysis once I provide them with documentation of the updated adjusted taxes after my homstead exemption is applied.

@Ramin Kamal Hey Ramin - your best bet would be to chat with a lender to see if they have any loans that fit your need.

I am willing to bet that will end it there. 

My friend/advisor with more experience says I am being a cheap knucklehead and that the $20k is not relative when you factor the forced appreciation and income/valuation of the improved asset(proforma), but, I think it is math and $20k is always relative and I have my criteria(4.5cap) and was very transparent about it from when I first submitted the original accepted offer, and my DD uncovered several hidden deficiencies that make the credit necessary to maintain my original underwriting numbers and even though I understand my friends rationale, I don't want to give in any more slack(adjusted to 4.4cap), than I already have...What do you experienced multi family acquisition people think?

That said, an LLC may not be your best bet for BRRRR as it could increase your financing costs and hassle - mortgages are much easier to get in your personal name.

There are always deals in every market, but it you have to adjust and be prepared to dig in and work hard to find them. 

Some people have made a lot of money betting on the reverse though. 

Your best bet may be a rate term refi

And, quite frankly, cities with no regulations today often create regulations in the future.It is a much safer bet to find a locale that has definitively legalized short term rentals.