years prior the business was evaluated at $5.5 million but in its current condition we purchased it for $1.8 million!

I am in the process of purchasing a property, but carefully evaluating it during inspection period. 

I think your timeline is critical in this evaluation. 

It helps to have another set of eyes on evaluating the deal since most of the lenders I've worked with won't lend on the project (because they want to protect their own investment) if they don't think it'll be a good deal for the buyer.  

You might also find these threads helpful on what to look out for when you're evaluating PMs. 

@Kyle PetersLeveraging equity in your first property can help grow your investments by evaluating appraisals, exploring financing options, and consulting professionals.

Evaluate and Negotiate: Assess property value and financials.

This has to be evaluated case by case.

Need some help evaluating rentability of my condo (current primary home): 2Bed2Bath condo in Burlington, MA.

I'm looking to re-evaluate my approach.