I don't think there's a one-size-fits-all metric but it's certainly good to define it.Or maybe it's something else and I'm completely wrong!

This could also help you find a partner in the short run as someone with experience or money will want to partner with someone that has a clearly defined strategy to generate returns.

Once you define what you need/want in a deal then you can review it to see if it fits.

I'd love to switch to a simple national sales tax / VAT based system and get rid of the "income" tax since "income" is so hard to define and the reason our tax code is 1000's of pages long.  

Can someone define senior vs junior loan?

That selection might already be gone and so on.You need to define your passivity level desired and cash flow return.

Your HML wants a deal before giving you a preapproval letter and you can't get a deal in place without it.You need to have a talk with your HML and figure out a way to get a preapproval letter for the offer stage.An example would be: if it meets clearly define parameters, you run it by the HML in the morning and have a preapproval letter for the offer by noon.

If just listed, maybe it hasn't caught his attention yet.You definately need to gain access and determine the rehab work/costs.

But a roof leak to repair may cost more than repairing a water leak (plumbing issues).Generally how I would define a minor vs major is comparing the worst cast vs best case scenario of a repair within that category.  

The relevant section is here:Treatment of the Income (or Loss)The amount of monthly qualifying rental income (or loss) that is considered as part of the borrower's total monthly income (or loss) — and its treatment in the calculation of the borrower's total debt-to-income ratio — varies depending on whether the borrower occupies the rental property as his or her principal residence.If the rental income relates to the borrower’s principal residence: The monthly qualifying rental income (as defined above) must be added to the borrower’s total monthly income.