In any event I wish everyone a HOLISTICALLY HEALTHY NEW YEAR!

I should point out that Michigan has had an excessively wet year with a lot of snow over the winter, frozen ground late into the spring, and a healthy amount of rain the last few months.My property manager is telling me the flooding is a significant problem, and that I should take action. 

I think it was a lot more achievable after the big crash.The better your marketing and more willing you are to look for value add the closer you can get to 2%.I also think the 2% rule was based in a time period where the cost of financing was much higher so you needed that cushion in order to cash flow.If after financing, taxes, insurance, and a healthy cushion for expenses you can get worthwhile cash flow and an acceptable rate of return than you shouldn't be too concerned about the price to rent ratio.

What I've learned is that the COVID is not a big risk for the young and healthy (granted, we don't know long-term risks).  

But then again this becomes part of the cyclical nature of the housing market, we’ve not had in really 5-10 years, so long as it’s not too deep it is probably healthy. 

There are plenty of other cities that have much lower real estate prices and healthy travel demand. 

Once established, this tree is known for its tolerance of drought, air pollution, and a wide range of soil types.

Any idea what kind of soil under the foundation?

I can only say that if I were a seller, I would have 3 stipulations: 1, a healthy dose of earnest money, and 2, an escape clause that allowed me to continue shopping my own house around on my own while the wholesaler was doing the same thing, and 3, the obligation of the wholesaler to buy the house if they couldn't locate another buyer in a suitable amount of time. 

This 8% + 4% structure is unclear based on what you've written, but sounds more like a 12% preferred structure if the project achieves those goals.Given that it is a value-add project, the returns could be well in excess of 12% and the sponsors could merely be offering investors a healthy 12% return, while taking the rest of the uplift as their promote.Hard to say for sure based on what you've written, but should not be difficult to find out from the sponsor.