This is a total gut and there are plans in place for new construction along with permits.

@James HammettTry the local BBB, or city of Austin code/permit office to see if they’re still registered, if you need confirmation.  

Thats is one of the reasons i don't touch and even look at house conversion in to flats.More often than not, a lot of the work is not permitted and the owner pay for utilities. 

I would like to be able to recreate this calculation manually if at all possible.Thanks in advance, Greg

Maintenance isn't an issue, I can do majority of the work that doesn't require permits myself, management is done by a colleague that has a pm company and tenant pay utilities.

In addition, this building currently is a legal 12-unit building, but after the architecture review and talk with the city, we are submitting a permit application for a 16-legal unit building with the probability for approval greater than 50%.This building is also within 100 meters of a new LRT station to be finished in 4 years.

2 of the 4 units are not permitted per the listing.

b) if you own 50% at end of land permitting stage, what is a good percentage of ownership to ask for in a long-term syndication?

There is a state inspection process and sort of like the way a building permit works, you can track things back to who performed the work. 

I am a pilot recreationally and an aircraft mechanic for my 9-5.