I have raised incomes over 40%....if I had a flat fee I would missed out on the growth of the rents...plus it is an obvious incentive for the PM as well.Personally I don't dig much deeper than that into fees since I see owners eyes start to gloss over.  

If you dig into the report with a fine tooth comb and can find reasons flaws in the appraiser's rational for either adjusting a comp they way they did or including it at all, you can submit those to the bank and see what they say.

This might be worth digging further into, @Michael Chilton.

@Stephen Kappre Haha yess definitely excited to dig into BP further

I’m def going to dig deeper on Monday and try to find a clear understanding of this situation and previous ones.

BP has a podcast that was done years ago with a guest who wholesaled virtually from Australia sorry can't remember the episode so you have to do some digging. 

But to dig further, what are the other expenses and what does that make the cap rate or cash-on-cash return?

I found a couple of contractors who came with very good references but after digging a bit, I find out neither of them has a GC license. 

@Mary Mitchelli have not, digging into IRR a bit now, thanks for the tip.

My initial thoughts before digging at all is that he wants $150k per door, first of all that's pretty high for Mesa secondly my clients would expect at least $1500/month per door for that price.