I can tell you from being at one of our shopping centers this morning that we have a parking problem today with most of the lot filled and our tenants cranking out sales for Christmas.Thanks for your valuable insights.  

Love the insight @Nate Monson !

It may just be that the seller wants too much and there is no solution but I was hoping investors with more experience than myself in this area could provide some insight into how they would value this and how much of a hit to cash flow would be acceptable in exchange for future potential.The details:4-unit purpose built building in an average residential areaCap rates for 1-4 unit properties range from 6-10% depending on quality, location, conforming vs non-conforming etc.Asking price $520k, dropped from original $550k and has been on market for a few monthsRents are ~$34,000 and should be ~$48,000Expenses (excluding maintenance) are ~$9,000 - This puts the asking price cap rate at ~4.7% (not including maintenance)- We estimate that at asking price it would be about -$260/month in cash flow and break even at a PP of ~$450k assuming our typical 10% of rent for maintenance- We estimate the building would be worth around $530k at market rentsWe were thinking the cash flow neutral price would be our best offer, but their indication was that they are looking for close to 500k. 

I think insight into your question might be found with your choice of the word "reward".

Can anyone please share some insight as to some specific items to look out for in hard money loan agreements and insurance policies for a fix and flip?

Any ideas or insight you might have would be extremely helpful.  

I wanted to gather some insight from my fellow BP'rs.

I've never been through this process before so any insight would be appreciated. 

I would appreciate any and all insights from other investors, with any level of experience.

Has anyone been through this to where they can give some insight as far as what to expect?