" 01/08/2020 After additional consideration, based on minimal fenestration and basic finishes; subject and comparable are revised to Q4" So if I upgrade the finishes I can hope for Q3?

Using all/most of rental income would not be reasonable and doesn't make sense since by converting passive rental income to active income you will subject most/all of the income to SE tax.

Any resources that have a question bank and/or an outline of what to study?

In this case, The owner has an existing mortgage, So my attorney will be structuring a "subject to" type of finance deal.

Here is a good outline of important considerations in choosing a ROBS provider: https://www.nerdwallet.com/blog/finance/how-to-choose-the-right-robs-provider-when-financing-a-business/ 

Meaning, the outline for the program will be similar but offices will have differences between them based upon local market demands/options.  

Even if you create a non-CA LLC, if you are managing the business from California, you will likely be deemed to be "doing business" in California and therefore likely subject to CA taxes.

for Ex: ARV(.7)-repairs-fee=MOATo find the ARV of the subject property...

Thank YouHi Justin, commercial lenders will be looking for the following but subject to lender and product-specific: (There are niche lenders)Investor Only - loans to Individual, LLC, Corp and Limited partnershipAppraisal of propertyUS or perm resident (some will lend to foreign nationals at 65% LTV and higher rates)3 mos PITIA and closing costs (some will use loan proceeds for this if within LTV thresholds) 3 mo bank statement for proof30-day ownership seasoning on refinancing (some 30 days to 90 days)No tax returns, DTI calculations or income qualification (most)LTVs up to 80% (some sweet spot is 75% for cash out)DSCR 1.0 -<1.3 (some will look at this but some won't sweet spot is 1.2)Credit 650+ (credit will impact rate and LTV)Min Property Value $75K (Higher min in certain areas)Lease or unleased (must be rent ready .. rate may vary)Min Loan Amount (lender specific rates will vary on amount)5/1 ARM, 7/1 ARM, and 30-yr fixed-rate structuresNo sourcing or seasoning of funds (some will ask for 30-60 days seasoning)Must own primary home (lender specific some do some don't) 

I guess my point is that appraisals are subjective based on the appraiser- they don't always provide the most accurate price.