Essentially, the cap rate is the proportion of Net Operating Income (NOI) to the property's value or selling price:Cap Rate = Net Operating Income (NOI)/Property ValueThis ratio offers a direct method to evaluate the yield a property generates in relation to its cost.For advanced real estate investors, integrating additional factors might prove beneficial:Vacancy rate: The duration the property remains vacant.Operating expenses percentage: Includes insurance, utilities, and maintenance costs (excludes mortgage payments, depreciation, or income taxes).The adjusted formula for net income, incorporating these considerations, is:Net Income=(100 − Operating Expenses %) ×(100 − Vacancy Rate %) × Gross Income

Essentially if the selling realtor does not check that box, then potential buying realtors will not know if the home loan is assumable.Do you as a realtor have other access?  

@Jason Lopez I essentially did STR for about 25 years before it became popular.

Now, If I was a GC and that was my cost on labor I would assume they would add another $20k as acting GC for profit.So essentially saving myself the 20k markup a GC would charge me.

When you mention virtual wholesalers, that term might be misunderstood by some people, but I think virtual essentially means that you don't have to go to the property itself, at least from my perspective, to run the business.

FHA Loans are going to be essentially the same regardless of who you go with so probably just makes sense to shop for a few and pick the lender you are most comfortable with

Essentially rolling that equity from each property into the next one, with a cash out refinance each time? 

Networking, Valuation, and Market TrendsBuilding a robust network is essential for thriving in the competitive land investment market, particularly in high-demand areas like Paradise Valley and Scottsdale.

Basements are essential for value in Wisconsin so I look at sitework costs and land conditions very closely. 

What are the essential first steps I should take to start this business from scratch?