@Lisa MazzarriI know several title companies in Chicago who perform double closings, and can answer any transactional funding questions you may have.  

Etc.Explain to them that you'd be happy to pay them to give you more accurate ballpark rehab cost of properties.  

It is not accurate.

Considering they all have the same term of 12-18 months, and a projected net profit of 1.5x equity multiple, (a $1MM project, with a $1.5MM ARV) which would you rather:-Debt securities, secured by the property, monthly returns, typically at a higher rate, no accrued returns or profit sharing; or,-Preferred equity, higher risk, quarterly returns at a lower current rate, with a set accrued return which brings your total returns higher than would be with debt; or,-Common equity, highest risk, quarterly returns similar to preferred equity, profit sharing upon sale or refinancing the property based on your % equity ownership.Also, any additional information you're willing to share would be great such as the type of deals you've invested in and the performance/results of those investments, especially if they influenced your decision.

That said, with the limited information you've given, there is still probably some meat on the bone.I can't do accurate math for you because a lot of it is very case by case, but major expenditures you should add in are vacancy, roof, HVAC, property management, and any concessions you give tenants such as free water, cable, yard maintenance, etc.

From the lower level you have to figure out how your properties perform.

Obviously that's not accurate, but something similar is going on in those markets. 

They have a performing asset on their books - In my experience, they've always been happy with that.The biggest risk to me of doing subject to is that the original owner gets a home equity loan and splits - but in that case, you're only out the money it took you to catch up the mortgage.

Honestly, you should be comparing the performance of RE vs other investments anyway.My first RE investment paid off our student loans.

Taking an application deposit requires the tenant to perform by a certain date to execute the lease and provide all the funds due for move in.