to hit that mark, then re-assess if you sell or maintain it as a long-term investment.

Have them take you through the whole financial process to see how they determine the metrics and how they assess projects. 

If he wanted to you to learn, he would have explained what he was doing and why.I'd talk to a realtor, get an honest assessment of what you could get if you sold it in the spring and then decide what you want to do. 

Id assess the situation in a year  with my exit strategy in mind.

The assessed ARV is $240k, and all of the work is almost completed.

Finally, we need a CPA, open to referral.Hi Jess, this may require more information to properly assess but it is possible to treat the transfer of the property and the refinancing cash out amount as a investment (capital contribution) into the business.

They also talked about some deal assessment review board that helps you run the numbers of your deals.Then the disappointment came.

But since I have no current experience with distressed properties I'm finding it really hard to assess which distressed properties are good deals or which are too far gone.

Some of the condo communities and resorts were hit with large insurance assessments this year - a byproduct of the catastrophic storms that have plagued insurance carriers servicing coastal markets like Florida. 

One thing I would recommend, though, is to connect with a trusted real estate agent to assess the ARV properly before you submit any bids.