Id suggest taking your purchase price, plus your rehab costs, then diving that number to assign part of the value to the land and part to the building in a percentage that makes sense.

If lender's experience is a rather integral part of the transaction and it's on-going operation it would make sense to have a premium over just a passive capital rate. 

If you have several rental properties (it sounds like you do) it would probably make sense to do cost segregation to take full advantage of accelerated depreciation and bonus depreciation.

I'm basically trying to make sense of the big picture. 

I’m not saying this to brag or anything just trying to give you a sense of who you’re chatting with.Well anyways, I’m still in the E quadrant so I’m going to watch this game and start getting ready for tomorrow.

We're currently saving for a down payment on a house. At the same time, I'm interested in single & multi-family rentals. I've read the BP beginner's guide and will continue to do my research, but I have a few idea...

If the “big things” make sense you can ask to walk through the units.

Then add up the numbers and see where you stand towards getting to breakeven.Maybe skipping the 4 bedroom and then adding the 2nd bathroom would make more sense.

Does that make more sense?

Doesn't make any sense.