The calculator I'm using shows a Cap Rate of 18.5% and cash-on-cash return of 40.9%.   

So if I look at the money I'll have to earn, over the amount I'll have to pay ($1,800.72/$3,346.07) I'm basically getting a 53% return by using that saved money to kill the MIP, correct?   

I want to use a waterfall structure to distribute profits based on a preferred return and structure the entity in a way that allows for a series of independent investments or funds.

This will return some equity and put you into a permanent loan at more favorable terms.

In fact, it confirms to you what they expect to be paying.Also, as Brian commented you can ask for monthly bank statements (ask for 12+ months) or even their schedule E of their tax returns they file with the income and expenses for the property. 

SMLLL doesn’t file a return, the activity gets reported in your personal return.

Consolidate - Sell multiple high maintenance properties and purchase one larger but higher returning property that provides less management.3.

We signed up for the lawyer that would work on a trust for us and provide the completed document after we returned home.

Thanks again for helping out, and let me know if I can ever return the favor. 

I believe it’s possible to do a deal here on Oahu, but the real question is what kinds of returns are you looking for and what is your timeline for making these returns?