For a new project, the best practice is to prepare three different pro formas for any project, with numbers for a "best case" scenario (most rapid lease-up, for example), a "worst case" scenario, and a "most likely case" scenario. 

I decided to do this with practically none of my own money.

While you can still go through the mechanics of calculating a CAP rate for a residential property it will be at best a curiosity and, at worst, dangerously misleading since it has no consideration in the transactional process.Charlie:  As a general practice, CAPEx is a below the line deduction (meaning it is not an operating expense, but comes out of NOI - typically after debt service).  

The traditional way is to pass them off to the tenant but I wouldn't be surprised if Fairbanks tenants are wary of that practice as a group. 

I found the Lake County Real Estate Investor's Network, Repair Estimate Practice meetup in Leesburg.

There are a variety of products out there for sound proofing ranging from practical to what you would use to build a recording studio ;-)QuietRock and other products like it are a double layer of (typically 1/2") sheetrock with a baffle between them designed to dissipate sound waves.  

In my professional life I am a CPA that is our of public practice, once the baby was born I couldn't do tax season anymore and spend the time with my new family that I wanted to.

Obviously, the latter would be preferred but I'm not sure of standard practice - or is it negotiable?

Though TECHNICALLY correct you get SOME write-offs, that doesn't benefit me every year the way owning RE outside of the account does." and since you don't appear to sell 401(k)s or IRAs but you have practical application, I'd like to know your opinion. 

Moving on, my Real Estate goals are as follows:Short-term: Get real estate license, and then hired into a PM firm so as to acquire practical experience as to how managing is done properly, as well as finding tenants, making deals, etc.Acquire first multi-family property, ideally a four-plex/4-unit apt.Gain experience in other types of Real Estate deals such as wholesaling and flipping to see if I take an interest in them, or am particularly good at conducting those operations.Long-term:Own and rent 1,000,000 commercial/residential multi family units.Have my own PM company for my properties, and perhaps others properties as well.I found Bigger Pockets through my real estate studies and discovering the BP podcast, and figured joining this forum is an excellent step in my real estate campaign.