I'm gonna go ahead and say it because I just read the book but...."

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You can certainly use the cap rate formula backwards and make it calculate return but it's still a poor measure of return.Consider Wikipedia's definition and description of cap rate - https://en.wikipedia.org/wiki/Capitalization_rate"Capitalization rate (or “Cap Rate”) is a real estate valuation measure used to compare different real estate investments.

Myself, I would rather take care of things ahead of time... 

If not, I would go ahead and do the upgrades then refinance then. 

I have seen seniors whose real estate portfolio is depleted quicker than the time it took to accumulate it due to major health issues which they didn't anticipate or their advisors didn't plan far ahead. 

@Ashley Hernandez  sure thing if your tracking a home or improved property that you think is going to sale.. you need to be contacting the owner now and buying it ahead of the sale.. that is what your competition is doing.. and that is why these rarely go to sale.land for sure.. lots of land just is let go.. but with improvements very rare in our state of CA.

I'd love to be pointed in the right direction and any information helps on what I can do to get a head start.

I know this doesn't fit the usual formula but a quick 45k Is still a good profit for just a simple Rehab flip or ready made Rental.

Let's keep pressing ahead.