I understand that it comes down to if you will be making money and ensuring you can create some cash flow, however I would like to hear about some success stories or lessons learned when it comes to repositioning your equity.

@Shawn Jacobs - If you decide to embark on this (& I believe it can also be very motivational to work with someone like-minded) make  sure you have a solid JV agreement between you, and that  it includes a non-performance clause to ensure you can terminate the partnership easily in the event one of you isn't doing what they agreed to. 

I'd present the figures you've used above, to the seller and use it to explain your offer on the property.Go through it with them, piece by piece and ask if "they" can make suggestions how you can modify the value of repairs, while ensuring an investor could still do a rehab.

It's important to know the category of areas the properties are located in to ensure you can rent properties for what they are stating and for your exit strategy in the future with the property if you are to resell it at a later time.I myself have looked into the Jacksonville market since I am also located in Orlando, FL and have been there to see a few multifamily properties.  

I have found that if and when things go sideways all of the organizations had followed through with their commitments.Having that said I always ensure that we are not in harms way and that we are covered.I am a US Amry veteran and have recently began the process to researching a similar program in FL.

But, before doing so, ensure that you have the ingredients to be successful and it begins with getting REI educated.Don't get bogged down with analysis paralysis.

But, before doing so, ensure that you have the ingredients to be successful and it begins with getting REI educated.Don't get bogged down with analysis paralysis.

When I've had properties appraised and want maximum value reflected, I ensure appraisers are aware of all value-added upgrades performed.  

http://www.biggerpockets.com/starthere http://www.biggerpockets.com/ubg http://www.biggerpockets.com/meet Setting up Keyword Alerts How to Use @Mentions on BiggerPockets 25 Tips for Real Estate SuccessBefore your 1st purchase, please ensure you visit the below link for some tips. http://www.realestate.com/advice/buying-your-first-investment-property/ eBookhttp://www.biggerpockets.com/files/user/brandonatbp/file/real-estate-rewind-a-biggerpockets- community-book Blog http://www.biggerpockets.com/renewsblog/2013/02/09/how-to-start-investing-real-estate-young/ Lastly, don't forget the podcasts, webinars, #askbp podcast and the blogs.

You might have done some of the leg work but ensure the title is in their name.