He also thinks being close to a ski mountain is important but unsure if you could be profitable if not near a ski mountain. 

There may be cheaper schools but this school has all four seasons and also mountain flying.

If you want to do a cash out refi without leaving money on the table, you should able for that amount. 240,000(what it will be worth)*.8 equals 192k. of course, you still need to take into account any potential repairs

I bring something to the table, you bring something to the table, and any other partners would need to bring something to the table.

Below is a table of the metrics that I look at for several markets(click on it to enlarge it).

Depending on how much capital you are willing to bring to the table, but if you're willing to bring a large chunk of the required equity, some Sponsors would be willing to negotiate terms for a GP spot and a bigger opportunity to learn from and lean on their expertise.

To clarify...not that the area he invested in is garbage, but the investments he's proud of have objectively under performed, and when you're that far away sweat equity is off the table. 

When you buy chips at a table at a casino you have to lay your money on the table. 

The background: One of the duplexes I’ve got my eye on already has tenants in both units, and the seller has said she won’t disturb them to show the place until there’s an offer on the table.

One question to ask yourself is, what do you bring to their table?