There were a lot of times where I thought I’d have to adjust my expectations. 

Based your offer price on his current NOI (with your adjustments) divided by the market cap rate.During the due diligence period, if you get it under contract, you'll have to try and confirm as many of the P&L assumptions as you can.

Mine can set door codes, message (or call) guests, schedule cleaners, adjust the thermostat, monitor my cameras, & call a plumber just as easily as a local PM can, for 1% of the costI wrote much more about leveraging offshore assistants in this post here.

Different asset classes will offer different mixes of these: flipping has great returns but uses a lot of time, stocks have excellent liquidity and decent returns but are fairly risky, passive investing in multifamily syndications, which is what I do, has a great return on time and very good risk adjusted returns but very poor liquidity, whereas investments in new construction have phenomenal returns, and low involvement but are risky and illiquid.

Some lenders paused them as Covid started, but some of the better ones are back (obviously with adjusted guidelines and terms), but still getting them done. 

We had to adjust ARV as each development of the 2008 crisis was literally being reported each day.

@Kirsten MiklethunIt depends.If your Modified Adjusted Gross income not counting the rental is below $150,000, you may be able to offset some of the losses from rentals on your income.If you can't use it this year - it gets suspended and carried forward.

I'd wait at least a week for the wood to adjust.

They're also adjustable rates and typically higher than normal refinances.I always opt for the cash-out refinance. 

If so, do you adjust for the assumed run-rate for repairs/CAPEX (e.g. a as a certain % of revenue) instead of using actual costs?