BP has a whole section on it that you can spend a month reading as well.

You can get them in different types of wood, so you can probably get something close to the grain of the cabinet fronts.As a curveball idea... if one of the ends is in a good spot for it, maybe buy some whiteboard material, or a whole whiteboard, and cut it down to size. 

If that is the case, then you might consider including a small acquisition fee for all the up front effort of sourcing and securing the deal.With limited info (and even with all the info) I can only tell you that it ultimately depends on what your goals are, what you think is fair and on what your partners are aiming to achieve out of this deal as well.Again, talk to your real estate attorney and your real estate CPA and have them advise you on the best structure to move forward.Probably not the straight up answer you were looking for but I hope it helps.Good luck!

There is nothing wrong with doing minimum rehab to achieve a nice rentable unit.

@Daniel DietzPerhaps you can have Frank put the 300k down and take out a 300k loan to purchase the property and then shortly thereafter cashout refinance it  at 75%ltv (450k).This would allow you to return 150k to Frank.By structuring the transaction this way, Frank will have access to the cash he wants while enabling him to defer taxes on the whole 300k.I believe this would be a permitted transaction but I'm not an expert on 1031 so you should definitely double check with @Dave Foster.

If the BPO is turned down, or if the prior investor simply declines to answer the price quote and lets it expire, the whole process will take about 30 days.

A vague foreboding that it could all go terribly wrong, that you never really know, that one day we could get a call that the whole building had gone up in smoke, or a giant sinkhole had opened underneath it, or a particularly bad windstorm had flattened it, or bad wiring caused one of the tenants to be electrocuted, or, or, or...We are all afraid of failure, and worst of all, failure right at the beginning of something, a failure that completely exposed our incompetence for all the unkind people we all know to laugh at behind our backs.

Job well done to you and your whole team. 

Looking for information on what you know about cost as I’m from out of the country...It’s in good shape from 1977 but needs to be reframed insulated and dry walled and then new electrical because right now the whole thing is exposed brick.  

I totally agree everything you said plays into the whole package of the buyer and it's essentially the job of the sellers agent to give the best advice they can based on the information at hand.