Long term investor I would equate to more so looking at equity in the property for big gains 5-10 years down the line.

If you have a cash offer, or at least 33% to put down, do that and don't bring a partner into the equation.  

You can also have an agreement that the realtor in the equation will take a discounted listing fee, but they are at least making something as well no matter what it sells for. 

You need to know how to run and evaluate comparable sales in your local market, you need to know your local market conditions including, but not limited to average DOM, amount of solds vs pendings vs actives and amount of closed sales from the previous 8 quarters to get a good idea of where your market is and where it is likely going.Finding real cash buyers (also part of this equation) is the easy part, finding the real deal with a real spread for a cash buyer is the difficult side of the equation and you only get there by knowing how to properly evaluate ARV's and rehab costs.

Don't foget to factor YOUR time into the equation.)

This looks like an excel function, but what is the actual mathematical equation?

If this equation yields 0 or a profit, it should be a good BRRRR deal. 

But when you put half a million into the equation your options open up, and you also have much more to lose.High net worth individuals know that they can't do everything themselves and figure out a way to make their capital work for them.

You won't ever feel that or experience it through a spreadsheet and even if the numbers look ideal they're only a portion of the equation. 

Does renting by the bedroom change given that COVID is part of the equation?