(I have been remodeling for over 15 years and I am an engineer, have done probably 300+ home inspections over the years, so I know a thing or two) But there are exceptions: if we are on private well and private septic, lab test and septic test should IMO be done, because I can't tell visually whats going on.

Charlotte is competitive, and deals that look fine at a high level often break once you stress-test rents, expenses, and capex under conservative assumptions.Before jumping into partnerships, it’s usually worth being very clear on your buy box, target leverage, and tolerance for execution risk within the exchange timeline.

Thanks again for sharing your experience — it’s great to hear from someone who’s successfully managed multiple projects firsthand. 

For example, an eviction for you might involve not only the court costs, but travel costs to make multiple trips back to town, plus vacancy, repairs etc. 

Tapping into interest rates in the 2-4% range makes cash flow possible again, along with multiple other benefits.

I am actually not looking to buy in the Ann Arbor area, that would be a class A, there are multiple cities I have been looking at Westland, Taylor, Allen Park, Lincoln Park, Warren, Madison Heights etc.

Through our co-investing club, we underwrite conservatively, focus on structure and downside protection first, and use shared, real-time analysis to pressure-test every assumption.

Then still compare those rents to market, because inherited rents can be below or above market.Convert comps into a realistic rent numberTake your comps and group them into three bucketsInferior, similar, superiorAnchor your estimate to the “similar” bucket, then adjust up or down for key drivers like parking, in unit laundry, renovated kitchen, and separate utilities.Use a conservative number for your underwriting, then optionally a “market rent after light rehab” number as a second scenario.Underwrite expenses properly, this is where beginners missAt a minimum includeVacancy, 5 to 8 percent depending on the submarketRepairs and maintenance, often 8 to 12 percent of rent on small multisCapital reserves, another 5 to 10 percentProperty management, 8 to 10 percent even if self managing, so you can compare deals consistentlyTaxes, insuranceWater sewer trash if owner paidLawn and snow if owner paidLandlord paid utilities if anyUse two quick valuation checksRent based checkCap rate or NOI multiple is less reliable on small residential, but it still helps you avoid overpaying based on rent.Sales comp checkCompare to similar duplexes and small multis that sold recently, but the rent numbers are what will decide if the deal works for you.Run the deal through a one page summaryPurchase priceEstimated market rent per unit and totalTotal monthly expenses and NOILoan terms and monthly paymentCash flow after debtCash on cash returnDSCR if you are using DSCR financingI hope this helps.

As a seller if there are multiple offers I consider the delivery as well as which agent is reasonable to work with. 

At this point, I've invested with four different syndicators and I've invested in multiple deals with some of them.