The 2nd meeting was how to evaluate deals in rental properties.

Just got an offer accepted on a property in Hawaii yesterday, just making this as a record / log for myself as well as others to follow along and give suggestions or recommendations as the process unfolds.

Everything depends on the data logged.

Also you can evaluate 3BR rents vs 2BR rents.

Should I be evaluating them in a different way?

I am only spending about 2k on clear cutting (with potential payback in logs, etc from the mill) oh, and I forgot about the drive way he is putting in for that lot (that was in the 9k total for the house and lot).

Any house similar to yours will cost the same, assuming you are actually at fair market value.I would evaluate the purchase using real market rents, not current tenant rents.

And if it is more heavily based on the Cap rate, how do they evaluate that?

Definitely had to re-evaluate that one.

Rental cash flow is evaluated by an APOD (Annual Property Operating Data sheet).