The easy answer is population growth.

"asking rents" are not as good as "contracted rents".You are ignoring several main critical determinants of real estate value (population and job forecasts) and many other variables (ex. market cycles), masterplans, path of growth, etc... 

Forming entities is a secondary task for someone starting out. 

Here’s a brief description:(1) Recovery: Negative rent growth; Below inflation rental growth.

The draft hood is open on it's underside so that any negative pressure, beyond the minimum required by the boiler, sucks in only room temperature air - rather than sevevel-hundred-degree flue gas, which you have paid to heat.A barometric damper on an oil fired unit accomplishes the same task but a Draft Hood has no moving parts.  

In over 40 years I've experienced 6-7% annual rent growth, 9-11% annual appreciation and not one day of vacancy or an eviction! 

The area is also appreciating and their is growth potential.

They wanted to examine our history, our growth trajectory, to know who we had as PM, to understand how we pay our bills, ect.  

Unless he has a bunch of licensed folks on his payroll he will have to hire subs for some tasks - electrical, plumbing and HVAC in particular.As far as I know you can make the loan direct to him without any legal entanglements.  

It's not a hard task, did you find your proforma templet effective