When I look at something resembling cap rate, it's typically to determine my cash-on-cash return on an  all-cash purchase, and for that, I want to factor in capex.  

Borrower must get through demo, foundation, and have something that resembles a structure in place. 

I've looked into out of state turn-key opportunities that would bring in cash flow but then all my capital is tied up in those properties at least in the near future and would prevent any resemblance of an aggressive investment strategy that I need to have to build wealth before retirement. 

It doesn't look like termite damage that I'm used to seeing; when I suspect termite damage, I look for the mud tunnels/tubes leading toward the damaged area, and I also expect the damaged area to somewhat resemble corrugated cardboard.

I don't have to toss "hail marry's" becuase my deals have enough spread due to my purchasing at steep discounts and the fact that I always have skin in the game.The common ad wee see here and other places resembling: "I need funding for my great deal in XXX, am willing to pay yy%" is the hard/fast approach that does not receive acceptance.

However, I still go to many of them just in case one of these so-called "gurus" accidentally and completely by mistake stumbles onto something that resembles a new idea.

When I finally got them they bore no resemblance income wise, or expense wise to last years return; prior years income was MUCH less and expenses MUCH higher.  

Furthermore, I would avoid doing any transaction that resembles a wholesale if I were that attorney.

I'm nothing resembling an expert on the subject, but some benefits knock off a portion, some freeze the assessment indefinitely, others for a number of years, things of that nature.

You will see that it resembles Florida a lot more then most of the the west coast does as far it's recovery after the crash.