Then, check to see what a market-rate rent would be for the units. 

We bought it for $399k, and it’s now worth about $650k with $250k equity.

What is the property worth (minus the land) and separately what would it cost to rebuild? 

The property is only worth what it is worth - what the seller needs to make is irrelevant.

My home is worth around 215k and I owe 127k.  

I would like to be in the partnership for the least amount of time possible but want to be sure I can present this offer as worth his time, which is very valuable. 

@Amir PortalStarting the BRRRR strategy in the Dallas-Fort Worth (DFW) area is a smart way to build your real estate portfolio, especially with the area's growth and rental demand.

If approved, you’d already be in a position to add units, whereas others might still be navigating the zoning process.That said, rezoning takes time and isn’t guaranteed, so it’s worth weighing the cost, process, and likelihood of approval.

You have to be willing to not give up when things get difficult, or don't go as planned.  2.This journey is worth it.

Be sure to check out the free tools BP provides to help analyze deals you may have and also market insights.