My current property is thru a portfolio lender, and my terms are pretty much identical to what you stated.  

Most problem solving is not reflected in the cap rate but are accounted for with below the line adjustments. 

I'm sure the appraiser adjusted the comps for the differences in size, etc.  

You will be required to to sign an "identity of interest" statement that looks like this:"I hereby certify to the Department of Housing and Urban Development(HUD) and Wells Fargo Home Mortgage, that I/We do not have anidentity-of-interest with the seller of the property.

If there are any other adjustment those may make the difference.Yes, if it closes in 2016 you will look at that calendar year's income to be reported on the tax return.

Like most people in LA, you will probably need to commute to get the type of house you're looking for or adjust your expectations.  

Either of the following identity can be accepted: International Passport, Driver's License, Company ID or any Government issued valid ID.

This is adjusted to account for depreciation on the property each year.  

I continue to forecast my expected returns in the same model (making adjustments for future expectations as needed) so I can see my revised 10yr metrics which now include my actual figures for years I've owned the property and revised forecasted figures for future years.

Thank you Matthew for the advice.As I am new to the site I have to adjust to how this site works so forgive me for not narrowing down exactly what I am interested in.