For anyone reading I am planning on going back through the original documents to see how I could have evaluated these better.

Well since I spent the better part of 40 years in Bay area and 15 specifically in Napa Valley and the last 20 in Lake Oswego and have done a ton of business in Yamhill county and own property in mac and all over the foothills when I was logging. 

For those who have used a  PM and changed PM, what questions did you ask to evaluate the new PM? 

It’s great that you’ve already started practicing with NOI and cap rates for evaluating properties, but you're right that smaller properties, like quadplexes or less, are often valued differently.For residential properties with four units or fewer, the market tends to focus more on comparable sales in the area rather than purely relying on income calculations like cap rate.

so much private land has been logged and replanted since then.. in those days we would buy a 40 lets say for 150k  take 200k of timber off of it then sell the land on contract for same price then hypothicate the note to pull out more cash rinse repeat.. we also would use our logging roads and staging areas stratigically so when we left the roads were in the right place to do a 4 way lot split and the landings/stagging areas became the building pads.. in the NW permits for logging are not tough.. in those days it was over the counter and there was nothing you needed to do with regard to excavation.. however if I just bought the land and wanted to put in roads and pads then I would have had to get a grading permit and all the survey and engineering that went with it.. its was really something how we did that.. and I miss it to this day.. the other item that made it so profitable was Japan was paying premium for Export quality doug fir logs.. you could get double or more for export logs.

Evaluate rehab costs conservatively and explore financing options.

I filed a claim.Claim adjuster came out, fire department came out to log it and an investigator that works for a law firm representing the insurance company "Loyd's of London.  

What I recommend is looking at it over a longer period of time like the previous year to evaluate it.

You should find a reliable rehab calculator and learn how to use it to evaluate the true profitability of your flip.

That experience will definitely come in handy when evaluating properties, estimating renovation costs, or managing projects.Feel free to reach out if you have any questions or need advice as you get started.