When I calculate an offer on a property, I typically look at the potential rental income and subtract from that all operating expenses such as taxes, insurance, management and maintenance.

Despite its awful reputation, I see great potential due to its proximity to key attractions.I'm reaching out to ask: Are there any plans to revitalize this neighborhood?

Understanding how to uncover the potential opportunities by solving the seller/owners problem then engineering them to profit takes time & skill. 

You can explain to your potential new partner that he will make an extra amount on each deal through his realtor commission which will help increase his profit.If possible make a deal that both of you are happy with because finding quality people to work with is a key to being successful long term.

A local RE professional should be able to provide this information to you as well.In New York, we deal with this scenario frequently and oftentimes it does not make sense to legalize ADUs because the permit process is extremely lengthy, the cost is high (sometimes $150-300K for 1 ADU unit), and the potential increase in property valuable is not worth the risk.If you already have an approved permit/plan and can get your renovation down to $80K, you may want to consider this project if the ARV is say north of $800K.** You should also look into any potential property tax increases associated with this change.

My ultimate goal is to potentially refinance down the line to settle everything.Any tips or insights would be greatly appreciated!

Then the condos needed new roofs so there was an assessment of $400 for 10 years.

Via the accountability group, new connections were made and we plan to stay in touch and potentially partner on deals in the future.

I just wouldn't pay a guru.Read the forums here, listen to the podcasts, read the Bigger Pockets books, the worksheets, the willingness of people on this board to weigh in on potential deals.That in itself is honestly enough, you will get all of the information (and likely better info) at a fraction of the cost.Find a good real estate agent that specializes in working with investors and tell them you are looking to get into real estate investing and see if they can help you get started.Let me ask this question, what do you hope to get from a guru? 

Hi Sophia, Investing in multifamily properties can offer economies of scale, diversification, and potentially higher cash flow.