But lumber prices are keeping new construction down, which keeps inventory down, which keeps prices up. lumber is one component.. land prices and land use policies and entitlements are more of an impediment to new construction than lumber prices.. at least from my point of view as someone who has built over 250 new homes the last 7 years and has a 90 home subdivision going right now.. ya its a pain when lumber goes up.. but its not a deal killer and we are selling all our homes basically before completion.. so fingers crossed it keeps going that way.now this is also market specific.. 

The components of getting a deal together include finding the deal, finding funding for it, and then managing the deal...contractors and realtors for flipping, property management for buy and hold, etc.

The equity position is the most critical component. 

Also, as an aspiring Project Manager, I've felt that RE has helped with understanding some components of management and there has been a lot of cross-sharing of concepts that I have applied to both my day job and my real estate hustle! 

In short, I reckon the pure capital gains component plus improved value beyond what those improvements cost will roughly be your ROI. 

It would have all the major components listed out (roof, bathroom, kitchen, HVAC, etc.) and for each component a few common tasks (roof sheathing, roof maintenance, replace roof, etc.) for each component. 

If you enjoy the management component and you're local, you should have no real problem handling 20 units on your own as long as you set up a good system.Many investors, however, would rather focus on their careers outside of real estate or evaluating and acquiring new properties instead of dealing with maintenance issues, showings, late rent, property turnover, etc.

I think when people consider section 8 they get hyper focused on the renter or cash flow component but often neglect the asset component of the investment.  

Additionally a key component is if sales are disclosed or not and if any percentage rent is tied to RX sales if you are talking about pharmacies.Depending on the purchase price and down payment the banks might only give a 15 or 20 year amortization with 10 years left.

Executing on a deal is the most important component of a lender, but as Erik said, a lot of lenders win people over with amazing terms but ultimately can not follow through.