I hope someone can provide an explanation or analogy to demonstrate how cap rate is meaningful. 

I may be able to extract value out of the reno home but with a old home I would expect some issues during the renovations.I am very curious to hear everyone's thoughts as this would be my first investment property.Thank you,  

I've never seen any meaningful statement of "market average per square foot" -- given that every rehab is going to be different (different scope of work, different engineering requirements, different finishes, etc), to compare the per-square-foot price of one rehab to another rehab is meaningless.  

I wonder whether this type of design setup might have any meaningful impact on the house value if I were to sell it one day.

The proposed install timeline is much too long to have any meaningful impact on commuters. 

Also, to make the journey meaningful, you must enjoy it.

If you did not purchase subject to any meaningful representations or warranties you may still be able to claim some sort of failure on the Seller (to you) that the consideration they were to deliver was not delivered since you do not have title.

I'm interested in seeing if there are funds with possibly a lower (or even no) preferred return, but with meaningful participation in the fund's total return.If you're not comfortable naming a fund on a forum, please feel free to PM me.Thanks in advance.

That way you would be exposed to different speakers and topics to make your drive and time as meaningful as possible.

I have read many definitions but yours divides it up into a simple and meaningful definition using an easy to understand example; Gross and NET ROI.