A water heater or furnace in a $690/month rental would cost you the same as a water heater or furnace in a $1,300/month rental, yet the amount allocated for reserves using percentages will be significantly different. 

I wanted to refinance with a hard money lender but the the amount of the rental was too low to qualify.

An amount sent via email in a spreadsheet, 2 days after the date we agreed I would receive payment, was equal to 12% of the net profits...Vastly different from the 60% split I was anticipating after rehabbing, managing and selling the property...This calculation included doubled the closing costs, recouping revenue and expenses that were already subtracted from the HUD/CD.

I'm not sure what amount of cash flow, COC return or other measure that I should target in my offer?

@John Lee It starts at 63% then bumps to 100% after you do a certain amount of business (resetting annually), depending on the location.

You will most likely require minimum 20% down.There are ways to do no/low money down but it is very risky and 10X the amount of work to succeed.

In most states the agent is required to submit all offers unless instructed not to submit below a certain amount. 

Forgot to mention.....usually when zoning changes the “non conforming use” is grandfathered in with some restrictions.....if vacant for a certain amount of time or if destroyed, the exemption for being grandfathered in goes away.

When you need legal advice it should be discussed openly at the meeting and a motion made to contact the lawyer.Fishing Derby Funds - a set amount (say $1000) should be left in the account from year to year as seed money.

When I look at some of the hotter neighborhoods here, there does seem to be a good amount of inventory at higher price points stacking up.