I think your cost assumptions are pretty accurate.

My initial thought was to assume the mortgage at its current rate (I've never done an assumption) and give him the remaining $40K+ in cash.

@Jack Shuttleworth yes this is a good idea but the question will be how much capital you need to cover anything over the assumption as well as closing cost.

Be very thorough in your market analysis and err on the side of caution when setting the assumptions for average rate & occupancy.

My assumption is most don't have a fridge.. but I could be wrong. 

etc.Another way to assess the fee is to just do some simple math + make some assumptions. $40k divided by $150/h = 266h, 266h divided by 8h per day is about 33 days.

Source for this assumption: https://www.therealestatecpa.c...Lastly, is there a real estate CPA that someone can recommend in the Cape Coral Area?

My assumption is that rent control buildings have 1 year lease or the lease period is regulated by the town?

Each JV Agreement was limited in liability to that one Agreement or property.If you have a Partnership, the assumption is that you are doing multiple projects (properties) and your partner can do something on a different project and get you sued.

@Patrick PhilipFirst off, three assumptions: you are passionate about Real Estate, you want work in the industry day in and day out, and are willing to use your inheritance with the end goal of growing your wealth more than you would if you bought a portfolio of indexed mutual funds.Buy a business that operates in the RE industry.