They can also make the determination that potentially the income is sourced based on where the real estate that secures the loans.You may be able to read through the partnership agreement and skin through the taxation paragraph or read through the prospectus to get additional information.

Added 400 amps single phase, 400 amps 3 phase electrical, added three bathrooms, added two kitchens, added dressing area, added interior walls, fully insulated the envelope, added 25 tons HVAC, refinished all surfaces, paved the parking lot, made entire building ADA compliant.

You might have to leave some skin in the game for your lender to refinance. 

It is a tough business, and you have to have very thick skin while being patient.

From what I've seen the best way to cashflow anything significant in NJ is to find something that has a lot of surface work needed, nothing major, just basic upgrades. 

I am very eager to learn and also have some pretty thick skin so taking feelings out of my business helps a lot when people tell me no.

UPS and FedEx deliveries are really doing a number, as is my wife's pickup truck.I expect that normal paving will be cost prohibitive at the $100,000 range - not to mention that we're in Massachusetts and will get several feet of snow and ice each winter, so a smooth, paved surface will be too slick to be safe.Right now I plow the snow with a 4WD ATV. 

They stated they would want me to have some skin in the game of 10% for them to feel comfortable doing the deal.

I found Bigger Pockets about 18 months ago and devoured so much information yet have barely scratched the surface.

So I haven't heard anything from Tenant 1 regarding the deposit, but Tenant 2 is the one that has sent a letter of contest (within 7 days, by the skin of his teeth).