Interest Rate: 9.99% fixed interest rate Collateral: A first priority lien on Borrower’s fee simple interest in the Property and the improvements thereon together with any personal property owned by Borrowers related to Property Prepayment Penalty: none Loan Fees: The following fees shall be due: (1) 3.00 points, plus customary underwriting, processing, legal, administrative and site inspection fees to (**) at closing of the loan; (2) $50 application fee due upon signing of the term sheet.

Value add investments typically have in-place cash flow and that cash flow can be increased over time by re-positioning the property and through operational improvements. 

This is a very simple case. 

This property is currently operating at these numbers. 

I would evaluate the scores and see if there are simple ways to improve them before going through a ton of effort to try and find a loophole that would leave your partner with minimal legal recourse if things were to go south.

This property is currently operating at these numbers.

I wouldn't want to end up owning a rental way up near Reno or somewhere in between, as I'm still working FT job, pretty new to Landlording and for now want to keep my portfolio near by for self management as I learn what I would eventually want out of PM & how I'd like them to operate.

If I am the only Sponsor / General Partner / Manager of the fund (as spelled out in the operating agreement), am I the only one who files a Schedule E at the end of the year - or do all Limited Partners / Members also file one?

Can't hurt to chat with a local landlord-tenant lawyer on how the laws in this city tend to operate, as far as verbal or other agreements.

However, excel or Google docs would work.Basically, you just want a simple P&L.