It is a function of returns over time where the sooner you get money the higher the IRR goes cause its weighted appropriately.

If you’re flipping a house where everything is already in decent shape and functional (roof is new, doors are tight, paint is fresh), but some areas are somewhat dated, what upgrades would you spend $10k on to get the most return on your investment?

It is more of a function of equity on purchase then it is the actually debt amount!

As always in real estate, the quality of your management experience is a function of who you attract to the unit.

Yea, it's ugly, but it is functional.

Or maybe also find someone who would be willing to invest in your deal that can also function as some sort of advisor (an experienced lender that would be willing).

@Ryan Moyer if you decide to do something in Gatlinburg, I thing it would be a fantastic idea to have a fully functional Gatlin gun in your back yard. 

Market cap rate is primarily a function of market demand.

@Michael J Scanlon  I'm assuming that net listings are illegal in Illinois as in almost all other states, so the main question I have for you is this:What is the functional difference between a net listing (seller says "sell it for $XXX,XXX and you keep anything above that for commission") and wholesaling (I tell you that I'm going to buy it - but I'm really not going to. 

For older housing stock it's dealing with functional obsolescence.