Oxnard might be an area that has better initial caps.

The goal is to come to an initial agreement with the buyer before getting anyone else involved.

I'm looking for some guidance from some of the more experienced California flip investors in luxury homes to see if they might use a matrix or formula to plug in a set of  rehab estimation numbers for a luxury rehab as they are initially looking into the potential of a project being an acquisition candidate before they actually walk the property.I can typically create an estimated improvement budget for almost any commercial property in both office and industrial for proforma purposes before visiting the property, but residential is a new animal for me. 

I plan to learn the ropes and fund initial long term acquisitions though flipping.

On this foreclosure, the bank postponed their initial counter offer until 5pm the next business day.

I spoke with the property manager about this, and she said the board doesn't enforce it, it's unenforceable (apparently the development period has passed so it's no longer a valid rule since it said DURING the development period specifically; she said it was requested by the developer to prevent investors from buying the homes and renting them out initially which would decrease resale value) and they have no intention of enforcing it, in fact, they want to take it out because they'd rather have the houses occupied than empty, which causes other problems.But she also said that they will actually be meeting with several home owners to discuss as some want cap or outright ban.

I have picked up many properties, days, weeks and sometimes months after my initial offer just by following up. 

Those are great books that help inspire initial motivation.

Financial Goal : Pay originator off within 6-12 months and receive $300 month passive income for 60 months Initial contact - 1980 double wide 3/2 with central ac and attached laundry asking $5500 in family park free and clear (i will do follow up with).  

Thanks,Ron.The IRR is simply the discount rate at which the net present value of all future cash flows from an investment = 0; or the discount rate at which the net present value of all future cash flow equals the initial investment or breaks even.Typically if you happen to have alternate investment projects the IRR could be used to compare which project to undertake.Correction though...the IRR is not always single.