If we flip this equation around we can also determine a potential purchase price as NOI/Cap rate = purchase price.

@Michael GessnerYou may want to look into structuring the GS and Fix and Flip businesses as S-corps.There is potential self-employment tax savings going this route. 

I am zeroing in on the Cleveland metro area because from what I can tell, there is great potential in seemingly reasonable property prices as well as attractive rents. 

Raleigh has the potential to land AMZN.

I figured it would be poor form to potentially hurt a friend's relationship with his clients by wasting their time.  

If they're not, it's a long and involved (and expensive) process.Most often, the larger parcels will be developed into graded lots by one of the regional development companies, then sold to regional builders to construct and sell the finished homes (and potential commercial components).Smaller developers (like myself) can take on the smaller parcels (say, 10's of acres) that are too small for the regional companies to touch - there's an opportunity for your client to partner there and capture more of the profit stack if s/he's interested.Regardless, there's plenty of brokers who work in the space and broker between land owners and developers for owners who aren't familiar with the business. 

So I have found a 3/2 SFH property in foreclosure being sold by a bank at a reduced rate.  It is partially rehabbed but 2 of the rooms are severely covered in mold (bedroom and basement).  Is this a reason to stay awa...

We'll have to see how that all shakes out.Looking at rent potential, a quick look showed me 3/4bd/2+ba houses in that 92124 zip going for anywhere from $2,450-$3,895/month. 

Never had any success, I suppose I wasn't clear enough in my pitch, and failed to optimally outline the potential in the investor. 

I checked the permits on the building and have not seen any pertinent to the conversion, so I am assuming it was not done legally or potentially up to code and certainly not with proper zoning approval.