But it's gotten progressively worse, now the only time he's passed on any rent to us is when we've threatened to report him to the Board of Realtors.

As a note, residential properties typically are not evaluated with cap rates, but I think you may have been saying a 7.5% cash on cash return or ROI.

Quote from @Tyson Holt: @Melissa Thompson, would love to hear any updates as your deal progresses.  

Thanks for reading and I look forward to posting weekly progress on here.

I’ve found that working with someone who’s local and understands the market dynamics can really help avoid costly mistakes.Keep us posted on your progress—I’m sure others here would love to learn from your journey too.

I need to evaluate you on how you failed when you failed, and if you haven't failed yet have a quality deal I need to evaluate your ability to manage risk, headwinds and blind spots.

Any thoughts on how to choose - what metrics to evaluate, resources to read to help? 

Ensure they send pictures and reports so you can monitor progress.4.Hire Trusted Contractors: Work only with contractors who come highly recommended by people you trust.

that will dictate the highest and best use for sure.Whatever you do with it I'd document it because people like seeing the progress when they are sitting in the final project all nice and complete.

Also, you can evaluate today's deal whereas you can only speculate what deal may be available in 10 years.