I purchase buildings all the time due to their being under performing assets. 

Better to overestimate and out perform than underestimate and hit a brick wall.  

Last year i patched together a few subs and the timelines and quality of work was not what i'd like to keep working with.If any of you have any rec's for a good GC that can handle rental quality rehab work, please pass along their info!

Start with a manual process, then automate parts, being sure to create a way to track the performance of each marketing piece.  

But if there are particular 5 caps that are under performing I would consider trading them for better assets.  

I use excel and consolidate all income and expenses for each property (I add my mortgage payments and other landlord expenses) and make sure that my cash accounts reconcile for all my holdings (if there is a problem I call the manager and we try and figure things out).I use this excel for two things: Tracking my properties performance - mainly cash flow, cash balance, NOI and just to make sure the PM is on top of everything.I use this to input the data into QuickBooks (I do this manually). 

This is a non-performing, unsecured note. 

This is a non-performing, unsecured note.

Also, a good PM is very aligned with your goals as their ability to operate profitably is very tied the the performance of the properties.

No real construction ability.Partner two is cash poor, fantastic W2 and has contracting ability to perform flip with desire to buy and hold.Am I all messed up here or could it work out like this:Partner one finances down payment and both get leverage.