Read through this article: https://www.biggerpockets.com/forums/44/topics/427144-lifecycle-of-a-ca-multi-family-development-deal

You need to list all equipment and major work (roof/windows), out a cost to it, figure out it’s life cycle and determine a numberAlso depending on location will you service hvac and other equipment or use a company?

You will also get cashflow during the life cycle of those deals.  

This is pretty easy to accomplish with a hard money company - just underwrite your final value after you complete the rehab, and make sure the the income provides a good debt service coverage ratio compared to the monthly mortgage payment.The lifecycle of this deal would be as follows - acquire property with a fix and and flip loan, which willy typically cover 65%-75% of the purchase price, and 100% of the rehab, and then refinance to a long term rental, DSCR loan.

As a PM here are some tips that I give first time investment owners:- Study the complete rental lifecycle (leasing, rent collection, maintenance, turnover)- Spend the extra time during the screening process to understand who is applying and why - Build a relationship with that tenant and not just play rent collector- Keep your paperwork organized (keep a copy of everything!)

Kinda like owning the whole tenant lifecycle.

Breaks down the anatomy and life cycle of a deal for you to understand the sum of its parts. 

Yes, you are accurate in that the first property I'd be looking at would qualify more as a "lifecycle asset."

Unless it is a new construction, these things have different life cycles and are never all going to be lined up at the same time.

You would already be 50% of the way through the lifecycle.