But increasingly are interested in small multi family or commercial properties were we can bring a value add component to the table.Our biggest criteria is does the property break even or have a decent return if we do nothing, and then are there other exists? 

That is an important component in this space, and so far everyone seems to just want to manage Notre Dame grad students...

You want to know the current condition and life expectancy of all major components and appliances for each property.  

They'll be able to provide insight on properties you're interested in and help you understand the best/worst neighborhoods.Really understand how to evaluate deals and calculate cash flow is another major component.

Up to 80% ltv depending on the market, 30 year am, potentially an I/o component again depending on the deal.

But I now plan to start here for sure and will be prepared to study up on each and every market component you mentioned. 

I find that most folks who put an action plan together, neglect to dig deep enough to discover and articulate their why which is probably the most important component of all this planning. 

This is a key component of being a seasoned developer, and many times missed by less seasoned folks.~ Scott

But it would seem appropriate that a gross sale of $1 mil with the components of $700K actual sale and $300K gift, would still require a reinvestment of $1 mil since the gift is made of value to avoid taxation to the recipient so the gain should stay with the donor.

Replacing the vinyl will rarely qualify because I am sure it will be greater than 1) Lesser of 2% of your basis in the property or $10k  for a small taxpayer safe harbor. 2)  a $2500 to qualify for a de minimis safe harbor, if replacing would qualify, usually not being a structural component of a building.