Track everything you are responsible for and review that regularly look at them in an effort to reduce expenses and possibly increase your income.In the begining, just do what is average for that subject neighberhood.  

Ended up making less money then I should for my efforts and there were some very skinny deals.

I think that once you decide where you want to invest...focus your next efforts on building an exceptional team. 

Fast forward 5 years, and let's assume what a lot of folks are thinking might happen proves to be correct: there's been some inflation, lending rates are up, and despite my best efforts, I bought in a market that was hit by some sort of unexpected economic drop, so vacancy rates are up, rents are flat (or down) and Cap rates have gone up significantly in the area. 

But, the initial offer should be lower than the target price to give you room for negotiation.I agree with this, and would only add that I would NOT but at ARV minus rehab ... your time, effort, and risk to turn the property around has to be worth something, otherwise you could just buy a turnkey rental in your market at ARV to achieve the exact same end point without the reno hassles, finance, or risk.Another thing to clarify is that this is residential property, not commercial, and as such value is determined by comparable sales.

I would make an effort to learn a little about contract before using one.

Seems that the amount of return for the amount of effort currently in the Denver market is excessive. 

A lot of times people that act like they don't, know exactly what they want... or people genuinely have no idea and you can help them unravel it and see if any of it works for you.

Give genuinely and you will receive.

I understand you are looking for the step up in basis; however, the cost and effort may not be worth it. partnerships whether they are an LLC or not are not treated in the same manner as a corporation.