Main sill (beam) needs to be removed and replaced though as it is carrying weight of the walls and home.But, it’s never just 1.  

For a home that's temporary (ie live in one year before renting), the location is less critical, but the price (ie downpayment) and the ability to cash flow carry more weight.

Since you brought up weight-loss products, what is the reputation of such products that do not work as advertised (which is probably 100% of them) - awful lot of complaints and negative reviews.

LP gets a 8-10% preferred return and the net-of-fee returns are split 50/50 after the fact.2) A simple assignment agreement on a per-deal basis, where the operator provides the loan and then assigns it to the end investor, whereby the operator earns a brokering or servicing fee (the end investor earns the interest rate on the note minus a certain percentage fee, and the operator earns the rest).I'm trying to weight he pros and cons of both, keeping in mind that I value flexibility, discretion in which deals I choose as an operator, and making it super easy for the borrower.

There could even be a reversal, if the numbers were heavy in the beginning, lighter at the end, and a reversal occurring between 2010 and now.  

Some of the adjustments to projections we are making at Blue Lake to account for our unprecedented time:- We review returns assuming no rent increases for 12–24 months- We assume a higher bad debt (delinquencies) up to 4 times as much as current delinquencies- We assume 2–3x higher vacanciesThe bottom line is that investors need to be comfortable with balancing the weight of potential short-term risk with the weight of potential long-term rewards when examining a transaction.What Factors Should You Look for as a Passive Investor?

That might be hard in the beginning so maybe limit your potential properties to "lighter rehabs" in the beginning and that will limit your risk (and the HML risk as well).  

If you want to lose 25 pounds, then great, but also visualize in depth what that lighter you will be able to do.That’s the positive-driver part of motivation.

Your tenant base here is not heavily weighted by any one industry.

I do understand that right now I'm struggling under the weight of "I don't know what I don't know" mentality.