Just want you to know that my company is based in IL and Silicon Valley. 

When we are underwriting an acquisition, I might glance at the market CAP just as a stick-in-the-ground reference, but will base our offer on the performance of the business and the quality of the revenue streams.  

A local bank will qualify you based on debt to income ratio.  

What is your statement based on?  

Alex is right and next time don't make promises based on what another person (in your case, the handyman) promises.

You are trying to get his general thoughts on his being open to it or more closed off based on bad experiences in the past.If he seems neutral to positive you could bring up you are thinking of bringing in a partner on a deal and start talking about the property and details.

Any recommendations for reasonable lawyers that could help me structure the agreement with my uncle to ensure all our bases are covered, it's optimized for taxes, and that he eventually gets the income he is due over time for selling the property to me.As you can see, I have many questions and I know this is a huge project, but I'm committed and I know it's an amazing opportunity. 

If I use percentages, than that would change based on the selling price of the apartment.

I've noticed in my research that rent price varies based on if and what utilities are included.

When doing your calculations for ROI, do you base it on the actual amount you have in it or on the amount that the property is worth(ARV, etc)?