I suspect that may be a 5-10 yr property for us so we could claim some depreciation. 

I think that's a pretty pessimistic view of this.. they did a lot of first position lending.. not all the loans are bad or going to go bad.and not every sponsors equity project is bad or underwater.. but like any lender on the planet all of these platforms have had their bad loans or bad projects.. but they are stand alone.I suspect your investments are with specific deals.. not in a big Pool .. ???

That's part of the due diligence and seller is being unreasonable and suspect by not supplying.

Quote from @Brian Larson: I suspect they sent it to both of you as a method of getting your attention.

I suspect if you think about it, you will realize many homes have a bathroom next to the kitchen.  

I suspect any time you have kids in a unit with shared walls you are going to hear some noises, but I also expect that they can keep the noise down after a decent hour.

When BP rolled out they were pretty much blue ocean but I have noticed the same thing you have and suspect that competition may be around the corner.  

What I suspect the most likely outcome is that there will be some STR regulations coming but likely not as harsh as the STR regulations passed by the city council.

The current property is being managed by a professional management so I suspect they are taking too large margins which is why the owner wants to sell it after owning it for 1.5 years.Is it a red flag that the property is a currently active listing?

I suspect in the rental business I can see that playing out the same way .. inherit stepped up basis make a ton of cash tax free..