It sounds like you’re in a great position to succeed, given your extensive renovation expertise.As a fellow real estate investor, I completely understand how challenging it can be to choose the right design elements, especially when you want to make a space appealing to potential buyers.

And What other conditions/terms/costs do you calculate when underwriting the potential of a deal?

In efforts to get more experience with IOS, we are seeking a financial partner that potentially has experience with this asset class. 

It's interesting because of the low start up capital and potential for higher returns.

Make the offer appealing by highlighting the short-term ROI from his renovation expertise and potential profit-sharing during the partnership.

Seems like a property that isn't going to appreciate rapidly so cashflow will be vital to its investment potential.

Communicating timelines and expectations upfront can help prevent losing good prospects to other properties.I'd say it's a potential red flag if they want to sign the lease without viewing it.

It is still a seller's market in many geographic locations, so you can ask potential buyers for an extended closing period and/or with options to extend the closing period. 

.: Any idea how far south the potential for Santa Ana or similar winds goes?  

Give you a cool place to visit (and potentially write off).