@Ben Nelson mentioned the sage wisdom of correctly setting team members, that is a whole lot harder today because things are at such a level with so many factors at play and fact is the vast majority simply do not have the resource pool to have a truly well equipped internal team or knowledge base, it is a very small number of us who do. 

I would propose a better way of evaluating real estate and that is to take the difference between the CAP rate and prevailing interest rate and use that to evaluate whether something is a deal or not.D = CAP - %APRThis would allow you to calculate the spread which is directly related to your debt assisted profitability (like a cash on cash return).You can vary what “D” you will accept based on the normal factors you would consider when thinking of the CAP rate (location, building type, number of units, financing, deferred maintenance, etc).You could also rearrange the equation to calculate the CAP to search for opportunities and how to offer for property:CAP = D + %APRIn this case, you can actually figure out the CAP by knowing the “D” you want to get for a given location, building type, etc and understanding the financing available to you and other investors for the opportunity.Any reason this is an inferior approach to CAP rate or cash on cash return?

Lot of factors to consider.

They will see what use select properties in close vicinity that have similar building characteristics and see what those landlords are charging for rent, as well as their expense and vacancy factors.

And keeping more cash in our pockets now is appealing.I know there are many factors to consider before offering someone any type of partnership.

Maybe closer to 5% for just the balance sheet and adjust upward for any capital or experience you bring, the risk of the project, etc.Non-recourse carveouts can also get big enough that the line between recourse and non-recourse is blurred so that's also a factor to pay attention to. 

What kept me from buying my first property earlier was that for me… the more I educated myself, the more I realized that there are a lot of factors that you need to consider IF you want to execute a-z process yourself (looking for properties yourself, hiring an agent, finding contractors, rehabbing, etc.).

Who knows what the outer factors will be within that term (Government power)?

So factor that into your thoughts.If you like to read, try property management for dummies.Good Luck!

I've never done it personally, but talking to folks that have, it seems like it would be around the same price to refinish them versus putting down laminate or vinyl plank (especially factoring in install labor).