@Curt Smith have you noticed the same?

Family holds a light industrial property that has been leased to the same large utility company since the 80s and has never had a commission associated with the lease.  

Those buyers may refer them other buyers that are looking in the same market. 

I lived in Indianapolis I would like to move some day to North Carolina any recommendations of the best cities to invest or zip codes.

Towns like Romeoville, Streamwood, Aurora, and Arlington Heights take 3-4 weeks usually just to obtain a permit whereas I have seen towns like Woodridge, Plainfield and Orland Park turn around permits in 10 days.

DO NOT let a lender hardpull your credit until you're certain that you're ready to buy within about 60-90 days.

I'd also find out when they get paid, so the payments are done within 2 days of them getting their paycheck.

Three days later the 25% partner bought me out for $200k.   

Stick with the formula, because your ARV isn't necessarily the end buyers ARV and same with repair estimates.

This happens periodically and could end up with you either accepting the same sub par returns on your REITS as your rental portfolio.