@Paul Caputo While I don't disagree with your points, at the same it doesn't make you an uninterested party in evaluating KBKG calculator.

Rather most sellers don't keep good or any books so they don't know what their expenses are and most buyers of these units don't understand or know how to evaluate based on cap rates.

I don’t think notice is even required if they are the ones giving you notice of problem that needs to be addressed, and if they’re really concerned about mold, you’d think they’d want evaluation asap.

Other hidden costs you need to consider when evaluating HM lenders:-Applications Fees-Administrative Fees,-Commitment Fees-Underwriting Fees-Origination Fees-Loan Servicing-Rehab Draw Fees-Inspection Fees-Interest paid on undrawn rehab budget?

Hey BryceI have been in a similar situation when evaluating a deal. 

Most real estate projects today are either not achieving their preferred return in cash flow or may not achieve this bench mark for the first three, four or even five years -- at this point, there may also be accrued preferred return that would have to be caught up.As a fund manager, what other asset classes are you evaluating to help increase cash flow for both your investors AND yourself?

Third Financial Preparation Evaluate your budget, savings, and credit score.

Material Participation Activities:Property Maintenance: Engage in repairs or construction work on the property to maintain or enhance its condition.Contractor Management: Oversee the hiring and coordination of contractors or handymen for property-related tasks.Tenant Interaction: Communicate with tenants regarding lease agreements, inquiries, or property issues.Property Acquisition: Invest time in property search and evaluation processes, including visits to potential investment properties.Property Management Tasks: Perform activities typically handled by property management companies, such as rent collection or property inspections.Non-Qualifying Activities:Educational Pursuits: Time spent on real estate education or training programs does not count towards material participation.Investor Hours: Hours dedicated to investment analysis, financial planning, or portfolio management are not considered material participation.

Although I have knowledge and experience in my local market, I am most interested in some out-of-state options as I like those opportunities better than what I have locally but know little about where to begin evaluating those markets and the pros and cons of the different states.

, using zip codes will lead to disaster.What we've found though is, "block-by-block" is too granular for OOS investors and "scares" them away:(So, what we've done is ranked the City of Detroit's 173 neighborhoods as Class A, B, C or D for OOS investors.It's still not perfect, but it's way better than using zip codes and easier to evaluate than block-by-block!