The building at this time was primarily vacant with several long term tenants whom were paying less than 1/5th of what they should be in addition all 16,000 feet were covered in wood paneling and outdated fixtures and in dire needs of updating. 

I've yet to find one who had any depth of knowledge on building codes beyond the extremely obvious, could spot building violations beyond something extremely glaringly obvious and none of them have x-ray vision.Jetted tubs with no access to pumps, lack of required dedicated electrical circuits, missing outlets, dangerous electrical issues such as lighting in wet areas, wire nutted connections  together and buried in a wall, miss-wired electrical panels, extension cords used for wiring buried in walls, bathroom exhaust fans that aren't vented anywhere... that's just a tiny list in one small category that are witnessed over and over again in flips that had home inspectors involved in the sale. 

If the Exit is a Hold Strategy, then you should know about Seasoning Requirements, difference between a R/T and C/O Refi, DSCR ratios, OER, Mortgage U/W, Market Rents, Absorption Rates/Marketing Time Averages, IRR and Cashflow to name some of the major items related to a Hold Strategy.4) You will have to estimate Acquisition AND Exit Costs (including your assignment fee)5) You will have to take pictures of each room, specific pictures of all damage the property has, all of the Mechanicals (Panel, HVAC, HWH, etc.), each side of the exterior, front and back of roof from ground or interior windows and 2 street views facing both directions from in front of the property.

when you go he has a home deconstructed on stage.. wall panels roof panels elect plumbing etc etc.. and he brings in expert sub contractors and has moduals to walk through how to deal with each part of rehabbing a home.. its really quite indepth and for those of us that are visual .. you can't learn this by reading on line.. you could go buy a rehabber house and try to wing it.. 

so here's the next "issue" in front of us:We just closed on a very old house and inside there is gobs of original wood:  exposed ceiling beams, (tons of) paneling, rather wide door trim, doors, etc. and it is all stained very, very dark brown.  

@Risa Hind, I know there is a UT REIA meeting tonight that has a panel of hard money lenders.

Then, there is the obvious stuff like updating FPE panels and polybutylene plumbing.

Ft. 5,300 land. 15 panel pv.

Sub-panel(s) used older style, "Edison" base fuses.

asking 109,900 Single Family built in the early 1900's, 1742 Sq feet farmhouse 1.75 acres on a beautiful groomed (flat) lot.Listed as 3 bed (4th possible)1 bath (small, remodel)Large 2 car garage (no reno needed)car portWalk In Basement-ConcreteAcross from CemeteryOn a Main Rd.My assessment:small eat-in kitchen 7x13(full remodel)L.R. 9x12 (Carpet and paint)Hallway 12'(Carpet, remove paneling, paint)Office 6x9 (refinish Hardwood, paint, remove paneling)Bedroom 1 9x9(carpet, paint)--The above area of the house is clearly an addition and overall is in good shape.