What does partnership management say about this? Are the rent concessions necessary because the renovations are disruptive? Is the bad debt expense because prior management did not evict the deadbeats? When do they expect the “pro forma” numbers to be achieved?

If the breathtakingly skimpy capitalization rate was based on the pro forma, what is the actual first year capitalization rate, and when will you see any cash flow from this investment?

Overall, it looks like you got a much better return in the last year playing poker….