Hard money is expensive.Some questions to ask yourself to assess risk:Do you have access to a reliable contractor who can complete the work on time and stick within a budget?

I did a "blind" assessment where I paid/reimbursed a close family friend to go in as a guest because there were a lot of details I wasn't privy to- and wanted to understand (the whole experience and process from the guest perspective from the initial inquiry, emails, etc.).They shared the email communications (some of which was glitchy or not quite as good as what I'd expect, or told me of delays in receiving responses).

So, having a trusted and experienced Realtor to provide you with an evaluation would be a good start to helping you really assess your options.First, I would ask you what your ultimate goal is...? 

I target pre-existing, non-conforming lots that town assessors have deemed unbuildable either through a land use code or a very low tax assessment.  

We bought our first rental property, a duplex in Portsmouth, VA, in what we assessed was a C neighborhood in March 2023.

Sometimes, properties owned by non-profits have deed restrictions, zoning conditions, or agreements tied to their use.Tax Considerations: Non-profits often hold tax-exempt status, so you’ll need to ensure that taxes are assessed correctly once ownership transfers to you.Potential Public or Internal Scrutiny: If the transaction appears to undervalue the property or is perceived as exploiting a non-profit’s resources, it could lead to reputational risks for you or the organization.

We're new to looking at AirDNA numbers and assessing where we would fit.

You must exclude the land value, typically allocated based on property tax assessments or an appraisal, as land is non-depreciable.

When it comes to assessing maintenance costs, one of the best approaches is to request itemized breakdowns for larger repairs.

Start by scheduling a walk-through to assess the property and confirm renovation needs.