It's in the neighborhood of 5x as much current relevant experience (measured by closed transactions) at each level.

But what gets measured gets managed.  

I think they would take less since its been on the market awhile, but I'd like to have money to do improvements and cost saving measures. 

Just add preventative measures and insurance responsibilities to the tenant wanting this freedom/addiction.

There are things that they would be entitled to in terms of a price adjustment (in your example, if lumber prices skyrocketed for a specific reason beyond his control then usually the owner is on the hook, however, there are measures to limit this exposure).A contract can be drafted using the scope of work, estimate, and schedule (you can include liquidated damages - this is a sum (not a penalty) of what it would cost you if the project is not completed on time - think daily rent and storage rates). 

You have measurements of performance to determine if it's a good investment and then measurements of liquidity to determine if it is a safe investment.

Long story short...the person whose name was on the title was not cooperative and we have since had to take legal measures to do a quiet title action that wont be completed until mid August.

If you're putting 20% or 25% down, you can waive the impound account entirely and pay your property taxes on your own when the bill comes, but this is just kicking the can down the road... your CoC ROI and Cap rate and all the other measures didn't actually change, you'd be "tricking" yourself if you calculated it such that they did.The same logic behind lenders using gross income for our math instead of net, for W2 people.

These are all standard measures.  

You will be labeled strange, weird, bizarre, cracked, and stupid until you achieve a measure of success in what you do.