In my experience one of my biggest lessons learned when dealing with older properties always expect more than you initially thought. 

Also, when evaluating a value-add deal, what are the key factors you prioritize most? 

They will be able to have everything organized and sent to you for record keeping and also deal with the tenants.

Quote from @Joseph Alfie: Hi everyone,a deal came across my desk.

I invest out of state because at the time, I could not find anything that would meaningfully cashflow, plus a $150k deal was a LOT less scary than a $800k deal!

I've had to file the claim for the property and I hope it isn't too big of a deal because stuff happens that is out of my control. 

And private financing can be wise if you are a diligent investor, which it seems like you are:)*If I would have known then what I know now, I would have used my first loan to land the largest deal that I could have. 

Hi Aidan, when you first started you can create your partnership agreement per deal depending on what your end goal is for the property. 

I also included a financial stake int he end deal if I closed.

The ATR does not have to be the same on every deal.