If that is all ok then get a very good local realtor to run comps in that area to determine the conservative value of the home once you've completed the renovation work(ARV).

The specifics of your situation will determine where you might need to fall on that spectrum of holding period.

You can't easily determine whom has paid and who hasn't.  

My biggest frustration isn't with the deal failure itself, it's more with the operating performance of the GP and honestly I'm not sure how an LP can really determine this.

Quote from @Sofia De Santos Tavarez: Hello, my husband and I are looking to do our first rehab in a different city than where we live (we live in Austin and looking to buy in El Paso), and are wondering how one determines and writes a scope of work and determine what material to buy for what.

When you build a relationship and use a Banker time and time again they know your file, credit, and can determine what program would be best for the next step or cash out refinance.

If your project incurs losses, they can help determine if those losses offset your other income or if they are carried forward.

@Polat CaglayanI've never seen a formula but here is a general rule of thumb for multifamily:The class of an apartment refers to the quality of the building, which can be determined by a number of factors, including age, location, and condition: Class A: These are the highest quality apartments, typically built within the last 15 years.

That will largely help to determine the right fit in the landlord market for someone with a portfolio. 

-If it's determined that your Alderman would be supportive of your 'plan', and you've already connected with a local architect, you'll then want to reach out to a zoning attorney.