And if in my circle of friends and family there are so many that have done this, this far exceeds the 3% you state in your post.I think it is all a matter of perspective.

@Justin Smits Thanks for the perspective. 

This leaves bridge as a more viable option than perhaps CMBS or recourse bank debt.As to the take-out risk:  Sponsors (and their investors) should be evaluating how much "lift" the value-add improvements bring, both from a cash flow perspective and from a valuation perspective. 

I know it’s probably the only thing that makes sense from a tenant billing perspective.

I think a look from your perspective as being a similar age will be valuable for our students, showing them how real it is to get started and become successful in this business.

@Ivan Sing sharing another perspective, I work for a background screening company that specializes in tenant screening. 12 years back is beyond most of what we can (and generally should) report.

For a different perspective, read the signed and notarized Owners Affidavit in the closing package.

I will say that if you are wanting to invest in the Charlotte market investing in NC is beneficial from a tax perspective vs.

This audiobook was "Rich Dad/Poor Dad" by Robert Kyosaki and I have to say that it was truly eye-opening and perspective-altering. 

Look at it from this perspective, if your toilet broke at your house and you decided to use a camp toilet in the yard, does that make your house 'grandfathered' to not need plumbing?