But, @Jay Hinrichs might have accurate information on this IRS situation as he hasn’t experience, but every title person I have ever talked to has told me that taxes NEVER go away like junior liens if they do not bid their position and redeem.

We believe (accurately or otherwise) that doing a small deal and partnering with an experienced syndicator in this sector will enable us to better identify and mitigate risk.

Using a cap rate or a gross income multiplier leads to valuations that are crazy outrageous and just cannot be accurate in a market where real estate trades around a 3-6 cap, and a 166 - 200X monthly GIM. 

I'm also curious about the question @Andrew Fink had about how to accurately estimate rehab costs.

What tools 🛠 do you use to run accurate comps?

Accurate Title has been the go to title company for many members of MAREI since 2004. 

Then do that with a couple more contractors to ensure you're getting some accurate information.

The USGS map should only be used for approximate elevations, it is no way accurate enough to figure out the exact elevation of your parcel.

If you do what the crowd does, you'll get the results the crowd does - Which are lower returns than someone that can accurately assess risk and make investments.Same thing happened in 2011 most people didn't want to buy. 

I have seen some people factor in O&M/vacancies into their books to more accurately forecast a clear cash flow value.