I would almost definitely be starting out with the more passive performing notes.

Does it vary with performance (where performance is Performing or Not - no in between needed)?

.; and Purchase and installation cost for a key and lock.IREM Chapter 4 recommends that our property management colleagues perform a thorough evaluation of all leasing and marketing materials.

If the price is right for the area, then determine the quality of the cash flow: is the building under-performing?  

@Ross GillYou may want to look into a Master Lease Option strategya. find a mom and pop "poorly performing" apartment buildingb. offer the low "NOI" as an option to purchase pricec.

So is it kind of a % type deal or more a flat rate depending on how well the bird dog performs. 

Of course, easier landlording and likely less potential variability in performance also than the former two.

For $150/ft in rehab, I would think it would have to have very high-end finishes.. travertine, custom amazing cabinets, some viking appliances etc.But I've also heard people that do their own work say "there was $200K in rehab performed".

If you could put in $X and boost rents by enough to provide a solid return, you bet I would do it!

How is it performing?