Starting off with people you know is step one, then meeting new people and then talking to them.What you should present to them is a history of previous deals, how their money is secured, cover all the "what if's", including the worst case scenarios, develop rules for your business, i.e. never place a lender in an LTV greater than X% and then follow those rules, explaining to the lender that these rules were put in place for their protection and security of their funds.Acquisition strategies, your team, and your exit strategy (along with alternate exit strategies) should also be covered.

Your decision of whether or not to buy would depend completely on the evaluation numbers and your exit strategy.

The spread between the debt and the cap rate will affect your returns and also the term of the loan will affect the exit strategy of the property.

Raising Current Cash Flow to maximize current split by deferring maintenance but harming the long term value of the building.4) Multiple Exit Strategy- If you can't buy your JV partner out in 3 years, what's your plan B & C.5) Buy Sell agreements- If something happens to either of you (illness, incapacity, divorce, death) make sure there are provisions to buy out each others interest ahead of time.

My worker tells me that someone dressed as a telephone repair man knocked on the front door, when the tenant answered the front door, a swam of about 5 police exited an unmarked van parked just down the street, entered and searched the house.

Once rented and stablized you can then ride out the market and exit in 5 to 10 years back as condos.

But we will find something.What is the eventual exit strategy on this house you want to live in first?

If not, our exit strategy is to rent it... and it will cash flow just fine.Rentals are usually less demanding on time and finances.

You have no exit strategy, have you?

That is very low in my opinion and not realistic unless the units just need new carpet and paint and some mechanicals.If these units have been tore up as is customary for that level of vacancy you can almost double the expected capex to 3 million dollars for full rehabs once you factor the parking lot, windows, roof and other external costs not inside of the actual units.First you need to know the exit expected cap rate once stabilized and expected rents being conservative.