Does anyone have a certain formula to determine the highest offer for a certain property which includes some upgrades?

Then you can crunch the numbers to see what it would cost to set up and operate vs. what it would bring in, enabling you to determine whether it's even worth the investment of time, money, and effort.If you get through all that and are actually making money, then you can worry about whether a CPA is necessary (usually not).

Hi Patricia,Your search might determine your location unless you're looking to build.  

Our calculations show that the 6 unit property will net is a minimum profit of $980,000 in 10 years and if everything goes the wat we project our profit will be $1.2 million, or $120,000 per year for 10 years.So, your best route is to look into selling your homes and purchase no less than a 4-unit property because when you own properties with 4+ units the value of the property is determined by annual income multiplier times the Gross Multiplier.The following image is an example of the profits for a 4-unit property when you increase the rents only $50 every year. 

After rehab, I'll determine if I recommend

What you hear their side then you can determine your next steps. 

Be sure to determine if you are eligible for special depreciation or Sec. 179 expense on any CAPEX assets in the current year. 

Plug that into the numbers that you run to determine the cash on cash return.From a housing cost reduction perspective, compare the rental income to the cost of the mortgage, taxes, and other expenses to see the net cost of living there. 

The amenities your competition offers will determine how booked they are, and also will help guide you to figure out what you need to offer to separate yourself. 

It will help you determine if investing out of state is right for you and your personal goals/risk tolerance, etc.