It's better not to get attached to the property emotionally. 

The first gentleman could have made 25k if he had done his research and invested 5k into gutting it, and we could have made another 10k if we had dug a bit deeper.

I would rather work with a top rate agent and pay more than work for a slug who is going to charge me less.My biggest piece of advice is to try to separate emotions in a deal like this.

But how do I dive in deeper? 

I almost switched to Appfolio until I dug deeper and learned some of the problems it has.

If it fell into what I expected them I would dig deeper to get a more accurate picture of what the expenses actually are.Of course this is without debt service of any kind.

That would involve emotions and there is absolutely no place in business for emotions.

They know the ramifications on a much deeper level than an agent does.

The borrower and the asset itself.Borrower:Your credit (are you a trustworthy borrower), are you capitalized enough to float this project/ cover the debt, track record (borrower/ contractors experience).Asset:Comps (as-is & ARV), LTV metrics (lender can help verify these if you have questions), detailed budget and scope of work, tentative schedule, exit strategy.Of course any lender/ partner will dive in a little deeper after the initial pitch but if you have all of the above ready for your initial conversation it will go a long way in getting deals approved/ partners on board.

There is zero room for any emotions in this business.