@Joseph De LorimierPre-qualify the property by running a cash flow analysis.Gross income minus vacancy/credit loss minus operating expenses = net operating incomeNet operating income minus your debt service (mortgage) = cash flowYou'll want to define your minimum cash flow requirement and/or cash on cash return so you can evaluate properties using the same standards.If it looks good on paper or on the spreadsheet, schedule a showing.

(Fortunately, we filed as 1065) Or can I define it in operating agreement?

More importantly, you’ll have to define your exit event (ie. sale, refi, etc) within a 5,10 or 15 yr time horizon for simplicity.

Ask them to define “overvalued” you would THINK that means people are or at least have been charging more than it’s worth.

The second thing that needs to be done is to determine if the use you want to develop can be permitted and if so, define the process that gets it entitled along with the time and cost associated with getting it to a shovel-ready project.If development truly interests you, I strongly suggest that you learn the nomenclature (language) of CRE and ground-up development along with its metrics (measurements of performance) before you spend much time or money chasing a site down.  

Syndication I'd define as a SEC raise requiring registration or exempt e.g. 506(c), etc.One investor is probably just a JV.

Hi @Kendricks Kemp the biggest first step everyone should take is to define your goal.

Knowing their housing characteristics, you can create a physical property description.Property selectionYour team will find conforming properties based on the property description defined by your target segment.

But you can't really define the problem until you have the appraisal in hand.

You will need to define specifically how you want to structure your deals.