The way they are phasing it to me is , if you have to buy a building with no fridge and buy a fridge it would cost you 40,000 , therefore it is worth 40,000.First, how would you approach the conversation with him to decide the real value of the used equipment?

If you are like Warren Buffett and expect to hold your investments forever, then if we are approaching a cyclical top in your local market won't matter much.  20 years from now when you still own that property you'll be glad you didn't wait until tomorrow to plant that tree.Good luck.

In order for me to successfully carry out my acquisition goals this year, it almost seems like I am going to have to take the "guerrilla" approach to finding deals. 

He opened up my Eyes to a whole new approach that I had not thought about even attempting.

As is, if you approach a private lender you can secure their loan with a new project.

Taking a lipstick approach to rehabbing.

My opinion is you need to approach the situation as a professional investor.

I would prefer the hands on approach and sticking to investing in your area because renting a property can come with all kinds of problems such as bad tenants who end up trashing the place.

First way to approach this is to look at the cost of money from your different sources.  

Is this how I should approach this?