But renovations and tenant selection are the most critical parts to a successful deal.  

Tbh, if its really that critical to their argument I would just pay an appraiser for a limited scope appraisal which in my area runs about half price because they don't need to visit the property to do it. 

Location is critical, so look for areas with job growth and strong rental demand.

To the seasoned investor, a loan rate of 7.25% versus 7.35% is not the priority when there are other factors far more critical to the success of a rental.  

Really appreciate any advice, feedback, or respectful criticisms!

Unfortunately, this leads investors to view return of capital as the most critical deal metric and deals that may have better fundamentals which are indicative of long term success are dismissed because 100% return of capital cannot be achieved. 

I agree that the sponsor and alignment of interests are critical.  

I believe the Carls are upstanding and honest contributors, and as such deserve any  criticism to be direct and not as a “snide” remark or implied “put down”. 

I think that is critical if/when you might have a challenge in a project.

- **Get repair estimates**: Even if you don’t have cash now, it’s good to know what you're looking at cost-wise for critical fixes.