Forward looking projections are always a risk gamble so putting weight on it too much can be potentially problematic.What to consider in splits, fees hurdles is who (what parties) has what at risk when you run a Stress Test / Sensitivity Analysis.

I think it's all preference at the end of the day, but I would not advise to buy a property in hopes of appreciation, as that is just gambling.

Cory and Victoria Gamble managed the rehab.

And banking or counting on appreciation would be more like gambling, you don't know for sure what is going to happen.

Most importantly, above anything else, do not gamble your parents life savings away.They have achieved an impressive milestone with a paid off house.

Selling property while Tenant occupied is a gamble.

Keep in mind what he said as well though because you need to make sure your are investing and not gambling. 

If you’re calling people who aren’t motivated to sell at a discount then you’re just taking a gamble.

So, without knowing yourself how to evaluate rehab numbers, you are stuck taking a gamble of investing some capital to perform some due diligence prior to making your offer to see if this is a good fit or not.

this is an age old question on BP..you have the Cash flow is the only thing crowd and appreciation is gambling .. and then you have those who invested in markets that historically appreciate who have gotten majorly rich over the last 7 to 10 years on appreciation with no cash flow to speak of.