It's probably one of the better areas in which to buy more recent construction rentals if you have a reasonable return expectation.

I'm just not sure that is reasonable. 

Which is the primary reason I have been patient on waiting. 

@Ryan Moore,Ok, those reserve are not required to sit in your LLc account without earning anything.The whole reason we have reserve is to cover unexpected expense.

But, as you know, we do not want rentals under S-corp for a number of reasons.

The only reason I ask this is after using Investor Carrot you may have build a presence (Brand) on the web using their site and having people go top your IC site and if you decide to cancel their product you will be forced to start over another site to build that Presence on the web again. 

The reason I ask is it seems as though I would be double counting on-going expenses (insurance, taxes, and interest) if I also incorporate them into the initial investment calculation as well as in the NOI calculation. 

Just follow the law, no reason to refund money that they agreed to pay when they signed the lease.

If you know the market well enough, then lack of disclosure is not totally a reason to abandon discussions though you should have some warning flags up. 

Is it reasonably priced?