My criteria is actually similar to yours:Purchase Price: $450k-$600kRehab cost: $100k - $200kMy partner, Jake, and I have experience in construction and want to put in sweat equity, but need capital to execute our strategy.

We get obsessed with market selection, but execution on a well thought out strategy is the most important thing, not the location or market that you pick.

You should be able to sign a new lease if there is not already one executed 

Just needs to execute, make more smaller mistakes and keep learning.    

If you are partnering with them for their cash, then partnering for that purpose is likely more expensive than financing if you actually execute according to your plan.

Which cities are best to execute this strategy? 

@Bruce Woodruff I didn't think you were being a PITA but rather some tough love, but I also didn't give the full picture which had people a little confused on what my plans were and how I was going to execute them, I think everyone thought I was going at it alone (finding my own subs, figuring it all out myself etc etc, but I always planned on bringing in an experienced reputable builder to build it, great luxury realtor teams, and generally people who have alot of experience.  

As Zachary mentioned, new syndicators have been popping up like crazy the last 5 years, and a lot of them are not as sophisticated, or don't have sophisticated advisors - they'll crank out an operating agreement and execute, and the following February tell their CPA firm "hey we have this new partnership!" 

So chill, take a step back, do the math, make a plan and simply execute. 

However, if you're asking whether or not the deal is a good deal to present to the buyer... that's not a question that should be asked when you already have the deal but rather while you're still reviewing/executing the contract for assignment.