Scott, I think you are on track about the short term acquisition expenses and what you might think of as initial costs associated with occupancy stabilization of the property.

Check with the local apartment owners association.

Find a friendly realtor to send you a blank PDF copy from the local association in your area.

Find someone to bring to your potential flips that can give you a real hard rehab number.This association will help you with your exit statugy, it will help you think more clearly on the other less clear details.  

Cali but the  Sacramento Valley Rental Housing Association a branch of the California Apartments Association is a great resource for these things and also offers classes for both members and nonmembers. 

In both instances, the intrinsic value will be the same at the point in time the option is sold.As for the optionee petitioning to annul the option, the full fee - minus any legal costs associated with (de)registration and processing the release - would be refunded (we would not reduce the amount by the time value expended ... this was suggested by counsel for simplicity).    

I have my FL sales associate license but mainly use it for our own purchases/sales and help a few other investors buy properties.

@Eugene LeeWelcome, there is a large Asian real estate association email me for info should be the source of all the private money you will need.Locate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

The biggest reason to not do LLC was interest rates and the terms associated with it (adjustable 5-year, 7-year, etc); it killed our cash flow projections.We decided to put the property in his name with me on the deed.

But if the association is investor-friendly they can be very profitable.