Improvements refer to updates made to a property to improve its physical appearance on the exterior or interior. It can also include additions to the property such as playgrounds, gates, and carports.

Indirect Costs are development costs that do not include material and labor costs. These are also known as Soft Costs.

An Interest Rate reflects the amount of interest due per period. The total interest on the amount lent or borrowed depends on the interest rate, principal sum, compounding frequency, and the length of time it is lent, deposited, or borrowed.

An Interest-Only Loan is a loan type in which the borrower pays only the interest for a designated period, with the principal balance unchanged during the interest-only period.

The IRR is the annual rate of return, factoring in the timing of when those returns are received. If you invest $100,000 and receive a total of $100,000 in returns over five years, the average annual return is 20%. However, the IRR would be lower than that, as it factors in the timing of the payouts.