Do you want to buy and hold for long run appreciation, do you want day 1 cashflow, are you wanting to flip and stair-step into higher value properties, the list goes on. 

This is pretty clean.Scenario 2:  Your partner has owned the house for 15 years and has been taking accelerated depreciation, so the book value of the house is very low. 

Cash and Hard money How did you add value to the deal?

I think the main thing people would point to as a red flag for Ocala is that it is not a large employment center like Orlando, Tampa, and Jacksonville and as a result may be more exposed to a pull back in values when there is a downturn. 

How did you add value to the deal?

Back home I would make a packet for my appraiser and never had a bad appraisal due to the that I specified the value add and the Reno amount and broke it down so they saw the potential and it always worked.  

There are plenty of websites that can give you a good idea of property values in your area.

If I add $50k or better $100k more value than the cost of the value add, do I care if I am negative a couple hundred a month?  

Try to value what you're bringing to the table which sounds like mostly sweat equity.

How did you add value to the deal?