. - Management: it may be hard to manage the home if you are not living in the area, to deal with emergency maintenance or make sure the home is getting taken care of.

Or is there some other formula to get my MAO when dealing with pre foreclosures? 

Cost to build should not matter there.Look at your deals. 

Depending on what type of income/payout you received from the deal (as shown by the K1), there may be chances to offset some of those tax concerns from the K1 with real estate or other vehicles. 

You need to start by asking the seller what their true financial needs are out of the deal.

I also suspect home prices would initially rise on the first 1-1.5% of cuts, but ultimately fall once we get to the 3-4% range as large  pre-pandemic supply comes back online, compounded by boomer land lords selling realizing the top of the market is in the rear view mirror (at least for them).If you eventually get squeezed on lower rents and valuations as the market normalizes, the ability to BRRR your pandemic era deals will be limited, so how do avoid trapping capital in the deals you already own from this environment? 

He has an Inner Circle that gives access to documents/contracts, deal that don't fit his parameters, Zoom calls with AJ, tons of education, access to his playbook, community, etc.

Experienced rehabber (40-50 deals/year) looking to shop some more hard money lenders.

How did you find this deal and how did you negotiate it?

I've tried to make my own spreadsheet which makes more sense to me based on my current understanding of deals.