And a pro forma vs. end of year actuals are very, very different.

Here's how I do my due diligence:1) Portfolio matching: (takes 30 seconds per deal)a) Have an educated opinion on where I think we are in the real estate cycles (financial and physical market cycles)b) Then and only then do I pick the strategies, capital stack, and specialized asset subclasses that make sense for that opinion.

That said, it’s never too early to invest—this is actually a very smart move!

I was actually thinking about that after I posted.

@Clark Harbaugh, Given the favorable tax rulings over the last few years (in particular revolving around trusts and their equaling a beneficial interest in the underlining propery) the IRS has actually been much more lenient (or at least silent) on these issues. 

The big thing that determines the price is what actually has to be done and the finishes that you select.I know you said it is a gut remodel but are the floors still good? 

In my experience, the good ones are expensive, typically require a subscription, and sometimes they even do a physical inspection of your premises to verify it is a legitimate person / business in US.

Old investors like me only invest in the subscription for pro; we don't buy courses or books (actually, I own probably 20 of their books) regularly.

What you do to provide actual safety to guests is going to be key.  

Basically you find these distressed properties in pre foreclosure, probates, divorces, or just ugly vacant properties. then you calculate the Max allowable offer and if it makes sense you call up the property owner, get it under contract for dirt cheap, then you assign the contract to a cash investor for an assignment fee. this is the general idea obviously it gets more in depth, but its finding deals that you would buy as a fix and flip or brrrr, and instead of actually buying it you sell it to other investors.Ahh I see, thanks for clearing that up.