My bookkeeper initially thought this was a weird setup but now has come to realize it’s super easy to keep track of income and expenses by individual property and to have instant access to a snapshot of how each property is performing.

For smaller-to-medium size deals, the more savvy buyers will have a conceptual site plan done by an architect/engineer and will have what we call out here a "pre app" meeting with Planning at the city, to see if there are any initial comments and feedback from Planning (or other city departments) if there are any constraints they see from the out-set that could put downward pressure on the ultimate unit count yield. 

Lease Structure MattersStrongly recommend:Long initial term (7–10 years)Personal guarantees, especially if they’re a new practiceClear language on who owns improvements at lease endTriple-net or modified gross to avoid surprise expenses4.

Initial rate: 4.25% 5 year fixed, adjusts every 5 years based on 5-yr US Treasury Rate plus 3%.

My initial investment was a 5% down pmnt.

One was the initial meeting/consultation, that was free.

Since I’m only putting $10k cash into the purchase, they’re claiming I don't have enough "skin in the game," even though the land and foundation are worth way more than what I’m paying out of pocket.So my question is, will any lenders actually lend based on the projected ARV or the appraised land equity rather than just my initial $10k cash outlay?

If your initial budget is wrong, everything that follows is wrong (“garbage in, garbage out”).

Do I still apply NPV using this as year 1, with my initial cash flow at +60K (tax savings less fee), and all future cash flows negative?

Vacancy, maintenance, taxes, and insurance almost always run higher than the initial spreadsheet suggests.