I specifically want to expand on Chris's point by discussing capital risk buckets, which help set a target return range for IRR.At my company, they are as follows:Core: Lowest risk, Class A product, in Central Business Districts, ranging from 7-10%+ levered IRR (since you're in development, I assume this is most of the asset class you handle).Core Plus: Still low risk, strong location with potential upside, 10-13% levered IRR.Value Add: Medium-high risk, Class B+ or B-, mediocre to strong location with operational or physical upside, 13-15% levered IRR.Opportunistic: Highest risk, major upside potential, varying locations, 15-20% levered IRR.As for the GP/LP split on promoted interest, GPs can choose an aggressive split, but the decision should be strategic and consider the preferences and risk tolerances of potential investors.

After researching online I found landlord responsibility under California Civil Code section 1941 described as followsClean and sanitary buildings, grounds and appurtenances (for example, a garden or adetached garage) which are free from debris, filth, rubbish, garbage, rodents andvermin. 

Relying on just anybody to do this means you might have substandard work, or not to code work etc. 

Is there a digital door lock whose code you can change remotely, without a monthly fee? 

I can't communicate with it, change codes or even see the codes.

Also check for back property taxes, code violations (which may not be wiped out by the auction), etc

We also had some exposed wires under the house that required some minor electric upgrades to bring to code.

This, however, changes not only from county to county but also by neighborhood, zip code, school district, etc.Another change we are witnessing in real-time is increased seller’s concessions, which can go towards financing closing costs or buying down the interest rate.

@Femi AjayiRecommend you do your own research on this and visit the places you consider investingThere are 41,704 zip codes across country and no idea how many on east coastRegarding cash flow and appreciation - they do not go hand in hand.

They likely have plaster walls, nothing conforming to current code of course, but not illegal either, and rough basements.