The second image is a graph showing total LP returns vs. total GP returns on the Scenario 1 list of assumptions.To summarize: this is a fairly standard $5M value-add acquisition.

Tony Kohnle summarized SC taxes perfectly.

@Matt Wells typing this out might get complicated in a hurry so I'll try to summarize and you can certainly reach out directly if you would like to talk it through.Conventional loans categorize loans into 3 main categories:  Purchases, No Cash Out Refinance, and Cash Out Refinances.  

@Alan Asriants Alan, great summarization of Philly.

Hey Ryan - I am from WA area too and you did a great job summarizing some of the local/national options available.

So just to summarize what you’re saying. 

To summarize you are basically paying near market rate with maximum leverage and praying for appreciation.

to summarize: there is no cash flow anywhere right now on a vanilla long term rental. 

Not a buyer in the Pocs yet but thanks for summarizing the information here!

Without going on forever, what I've just summarized is the tip of the iceberg.