As @Jim K. stated to many human elements come into play you cant control.. and its one reason I am so bullish these days on new construction its easier to manage costs and I don't have to compete with all the wanna be wholesalers out there..

Appraiser said because it was not valued on the income it was producing as it was not a commercial property and more off comparable sales in the area.Is there is a way to find/estimate the ARV somewhat accurately for these types of properties?

I want to make sure the GP is fairly compensated but not pulling too much cash out of the deal as compared with other deals you guys and gals have seen.The GP has already entered into contract to purchase.

How do you compare Syracuse vs Chicago?

It makes deals more difficult if you're comparing them to what things looked like 1 or 2 years ago.

There is an element specifically addressing the Qualified Trade or Business definition.Doesn't sound at all auspicious for most rental real estate landlords. 

Just food for thought, I'm a relative newbie compared to many experts here so feel free to agree/disagree strongly.

How does this house compare to the +300K houses?

The owner wants $300k for it and the sale of remodeled comparables in last 4 months is around $500K.

If you see them as great, average, or crappy deals compared to your experience let me know...but share what a typical deal looks like.