I haven't found many properties that get me excited - most failing to connect due to the numbers or the incredibly tough tenant laws.This past week I finally found a property that has me in the black after I do some improvements to it, but again its not that Brandon Turner style story of house hacking while making money.

Of course you're correct in saying that there are many value-add improvements you can do with residential which improve rents.However, when commercial property is evaluated and underwritten, it's primarily evaluated by the numbers (NOI/Cap-rate), where as residential is valued via "comps", which is a lot more nebulous.

One "best practice" tip would be to make sure the lawyer spells out everything in the engagement letter.

Topics such as:Title Company best practices?

For the most part, if it is reasonable for the rental it is deductible (technically the rule is ordinary and necessary, but for practical purposes it is that the expense is reasonable).

Or see if you can get one of those home improvement shows to remodel it for you for residential use.  

, well no but it will greatly improve your success rate. yes you can do seller financing but most of them would want to see your credit report and will most likely not give you favorable rates. seller financing is harder to come by these days as it is mostly due to cash buyers. can you do a rent to own or a sublet lease, sure you can. but again, most will want to see a credit report before leasing, at least that's how it is in NYC. no one on here is trying to discourage you from fulfilling your dreams and no one is trying to give you an easy answer. were all here to share our thoughts an opinions to benefit one another.

I found practice exams really helped me prepare for it. 

From a practical standpoint, while YOU can't assign your purchase, there is nothing to stop the seller from obtaining a new buyer, your friend.

I am assessing a deal for a 2 unit building.A commercial space on the bottom and residential on top.I am confident of improvement costs and my eventual cash flow.Regarding assessing the value of the deal.Normally, I would simply divide my cash flow (which includes mortgage payments) by the down payment to get a return.However, because of the condition of the building and the better deal I can get I plan on buying the property cash then improving it and then refinancing to get most of my cash back.My big question is that going all cash and planning on a refinance is riskier than mortgaging upfront and only risking your down payment.But I am not sure how to calculate this risk.(1)What are some risks to my cash that is tied up before I refinance?