Say they got a listing, move that product.

If it is set up that the client receives membership interest or shares in an entity that owns real estate then that would not qualify.The exception (sort of) to this are specifically syndicated products that are sold as securities and set up so that client does receive a tenant in common interest in the underlying real estate asset.  

I have an all-star tenant that I wanted to keep.

You just have to know their products.

Hey BP, I am Juan Nunez currently living in Orange County NY.Back in 2007, my wife and I try getting into the REI, we started out forming a LLC, my wife got her Real Estate license but we didn't follow through with the investing. when I look back I would say it was because a lack of knowledge, fear and no direction.We are looking to find our niche in buy and hold, property management, looking forward to being a productive citizen in this BP community.Juan.

I bought a tear down last year that I thought I would sell new product on it for 500 to 525... agent gave me comps of 700 to 725k.... 

It is typically an uncapped product or with a cap of something crazy like 18%. - You are presumably going to be leveraging yourself even further on a product that could go to rates as high as 6%/7%/8% and so on.

Absorption totals for newer 4 and 5 Star office properties have declined about 22 million square feet over the last year.

They have a 90% LTV investment product that doesn't get into these FHA occupancy issues.

I'm guessing up 15-20% over what you paid originally is your replacement cost for apples to apples comparison of new product.