Assuming a flashy excel pro-forma and your “home run” purchase will have private lenders fighting to fund your deal will leave you disappointed.

Okay, maybe I've got this all wrong.Is AI a search engine that spits out what it finds on a given subject of already existing information that is currently stored on existing platforms across the internet (therefor it's as good as the information it finds, the old "garbage in, garbage out" problem)or does it analyze & synthesize variables to form a NEW composite picture that provides unique insight into the requested subject?

I just created a quick Google Form as a Pre-Application that asks some basic credit, income, and situation questions.When the hundreds of people message you on Facebook I just say it’s available and send the link saying I will get back to them if they fill it out.If they don’t fill it out then they probably aren’t super interested or worth taking the time to show and this way you can already screen the possible tenants without having to show the unit a ton.Best of luck!

Here’s what to have ready:1️⃣ Current Pro Forma – Updated with realistic DSCR and stabilized income assumptions.2️⃣ Clear Cap Table – A simple ownership summary that shows transparency and alignment.3️⃣ Defined Exit or Refinance Plan – Lenders want to see how they’ll be repaid.4️⃣ Updated Appraisal & Project Budget – Accurate, current numbers make underwriting smoother.5️⃣ Strong Sponsor Story – Your track record and narrative still matter more than any spreadsheet.💡 Pro Tip: Preparation speeds up funding, builds lender confidence, and often improves your terms.⚖️ FAQ: “Is Mezzanine Debt Just Expensive Equity?”

It makes sense though: if the turnkey operator’s margins are getting squeezed, the investor’s probably getting the “optimized” version of the deal, not the real one.I really like your point about the 2-1 buydowns too — looks great in the marketing, but year 3 shows up like, “Surprise, here’s your real payment,” and rent didn’t get the memo.I’ll definitely keep digging into actual leases, rent rolls, PM agreements, and not just the glossy pro forma.

@Ethan Ung Unfortunately it's not as easy to make money in real estate as your excel pro-forma may suggest.

For a missed ADU in appraisal, go surgical: confirm permits, CO, unit utilities, and leaseability in writing; pull county records showing the second unit’s legal status; then send a tight ROV package with three comps that include permitted ADUs or true duplexes, photos, rent pro formas, and a short memo requesting either ADU line-item recognition, income approach consideration, or a second appraisal.

Run 12-month pro formas using comparable listings (realistic occupancy, management/cleaning fees, and capex), check permit/regulation status for any town you’re considering, and talk to local hosts.

As a non‑US buyer, lean on lenders who do foreign national or DSCR loans, form a simple US entity if needed, and hire a solid property manager first.

Your agent should prepare a pro forma that models the building’s worst-case operating scenario, specifically assuming property taxes are reassessed to reflect the purchase price.For example, if the building is currently assessed at $250K and taxes are about $8K per year, but you’re buying it for $750K, then it’s realistic that the county could reassess it closer to that new value with taxes 2x'ing or 3x'ing.