Recognize there are more RE challenges today than when you purchased in 2012.good luckMaybe I don't understand what you're saying because it's not laid out in an easily understable way but let me simplify the math.

The trust doctrine can apply even though the arrangement does not constitute a trust under state law.

When those costs are excluded or understated, the resulting performance metrics are inherently distorted.

Understated capex or opex specifically.  

They utilize a cap rate for valuation that is both too low on its face and also understates costs of management and operations2.

His big three principles apply perfectly here: document everything, stay consistent, and never get emotional.Confirm the Type of Marijuana UseBefore anything else, find out whether it’s medical or recreational use.If the tenant has a valid medical marijuana card, they’re protected under state law—but you still have every right to enforce your no-smoking clause, especially when smoke is affecting another resident (you and your family).If it’s recreational, it’s a straight lease violation.Either way, focus on the behavior (smoking indoors), not the substance.

It’s common for smaller operators to overstate rent collections or understate maintenance.CapEx reserves – Don’t underestimate deferred maintenance.

Repairs, cleaning and capex seem to be understated for a property this size, especially if turnover is frequent.

Stay the course, keep your head cool, and lean into professionals who specialize in contract for deed litigation or unauthorized occupancy under state code.You’ll come out stronger — and far sharper — on the other side of this.— Joshua I "Sarge" I Renewed Legacy Group

I absolutely believe there is a benefit to Wyoming LLCs, however the benefits are grossly overstated and cost greatly understated.