.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.#6 Complete Your First Rehab Project It sounds like you are already half way through your first rehab? 

Typically, you can negotiate a better price, if you aren't using an agent, as  the bottom line is what matters for most sellers, so it is hard to quantify the exact benefit when buying.

However, if you are putting up 75% of the capital and doing 25% of the work (which is hard to quantify and practically implement) then that starts to make sense.

From a buy/hold perspective, we need to look at your After-tax and Principle Pay Down as a return and quantify the capital/equity growth, since cashflow really isn't the play. 

And quantifying that decision with strictly investment parameters isn't going to give you the whole picture.For instance,(forget the 1031 for a minute)  If you found the perfect house to buy right now and your desired price point was $700,000 but you would have to pay $702,400 for it now would you? 

If nothing else, you know the price and you know the SqFt with pretty high accuracy.As far as risk, however, that's not really quantifiable outside of consistently higher CapRates may reflect what people think about the property and how much they'd be willing to spend on it.

To the owner it's quantifiable -- $50 per day in lost rent for 4 days equals $200 lost.And I am a former Yankee living in Florida, so I guess I can relate to your response :)

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.#6 Get Your First Rehab ProjectYou can practice all you want, but ultimately you will learn the most about estimating rehab costs by actually rehabbing a house.

You can't quantify everything.

The investors have to quantify risk the best they can and reach a hopefully well thought out and informed decision.So in the beginning investors do not like to spend money so even active partners can say attorney is expensive we don't need them etc.