Certain functions hire from MBA programs other more so from the Masters in RE.Happy to answer any specific questions you may have.  

Provide a functional space to live in (sturdy but nothing fancy in case they trash the place) and stick to mostly cosmetic updates.My preferred areas for MFR's are Watertown, Newton, Waltham, Natick or Arlington.

Compare to other large cities where comperable homes are $600, $700K, etc, people will continue to come to Colorado as long as the job market stays robust. 

They spend a lot of time, and do a great deal of work to come up with functions that are helpful to investors[ and make doing deals easier.

The LOI price is a function of a formula that's based on a discounted capitalized valuation.  

The ARV depends on what you bring the property up to, highest use, marketable, functional, competitive in the market and demand.

What is your utility function?  

The bedrooms and bathrooms were fine, but the kitchen was extremely small and not functional.  

@Ben Leybovich Apparently today I DIDN'T learn how to use the @ function on the first try.I did, however...-- Form and file my first LLC with the state with which to protect my business assets-- Attend an awesome church service with my amazing wife-- Coordinate with my realtor and mortgage lender regarding a deal we have under contract-- Establish which insurance company I will use for this deal-- Establish which local bank will be most advantageous to handle my business finances, and I will be going Tuesday afternoon to open my business accounts-- Finally decide which online payment processor to use with the LLCNot bad for an average, lazy Sunday. 

The rest is a function of your risk tolerance.