Then the back end is loaded in favor of the GP with a promote for all his good work.  

Depending on what the loan purpose and type is usually this isn't overly negotiated.  

I guess this should go through a PM, but to answer the question directly at the risk of getting dinged by the BP thread police, yes, the option I described is for a commercial loan for business purposes and to avoid any conflict with the rules set forth in Dodd/Frank, should be originated to an entity.  

Most bank want to know the purpose of refinancing. 

For depreciation purposes would I be able to deduct the 24% they occupied plus 2/3 of the 60% (for a total of 40%+24%)since it was shared 3 ways?

They flip and/or wholesale a few houses, get a show, shamelessly self promote themselves, then pimp their name out, sit back and collect massive fees.

Later on, I updated the ad to only promote the condo and list basic requirements like no smoking and I found that people replied like crazy.  

depends what the deal is and who the lender is and what your overall picture is.The deals I work on and lenders I deal with almost always REQUIRE a Brand new single purpose LLC. 

The hope being that your wife will be allowed to accompany you into the Embassy for the purposes of the transaction.If that is not an option, then your only option is to be removed from the title.

Here is the language straight from the ISO form CG-00 10We will not pay on a replacement cost basis for any loss or damage: (1) Until the lost or damaged property is actually repaired or replaced; and (2) Unless the repairs or replacement are made as soon as reasonably possible after the loss or damage.We will not pay more for loss or dam- age on a replacement cost basis than the least of (1), (2) or (3), subject to f. below: (1) The Limit of Insurance applicable to the lost or damaged property; (2) The cost to replace the lost or damaged property with other property: (a) Of comparable material and quality; and (b) Used for the same purpose; or (3) The amount actually spent that is necessary to repair or replace the lost or damaged propertyIf the insurance company will not pay until construction is finished and will not pay more than the actual amount spent there is no conceivable way to make money from getting a lower bid when you have replacement cost coverage.