Think of this as a learning lesson and an opportunity to improve on a process with the pm.

How are similar properties in the same area performing?

I worked 10 years for the consulting arm of a big 4 accounting firm, helping Global Investment Banks, Insurance Firms, Multinational Asset Managers, and Hedge Funds improve their back office operations, specializing in implementing investment performance measurement systems.

Two ways I believe, % of value  of the improvement and actual cost.

Bad areas have their challenges but there are ways to invest properly and and you can even improve the property and the tenants in the property if operated properly.Management is the number one factor.

Ping some world class performers in their respective fields, and see how many hours of sleep per night they get ;)

They are asking for a line item, not who will be performing the job.

@Jose CintronThe rent to own business with Sellers or with tenant buyers take some talent and some knowledgeWholesaling is pretty straightforward as far as finding a motivated seller and finding a cash buyer and putting them togetherIf you're assigning lease options I highly recommend you get an RMLO to prequalify your tenant buyers as per the Dodd Frank and the safe actThis way most of your tenant Buyers will get mortgagesThere's also a component of credit improvement to help increase FICO scores if DTI is OKI know Massachusetts really well I grew up in Arlington@Mike Hurney@Shaun ReillyMike and Shaun are been around the block quite a few timesBeing licensed allows you to show houses and market house you do not own to tenant buyers in MassachusettsOnce  you get caught acting as a real estate agent, you get a fine and you get a record against the department of real estate in MassachusettsThen  it's difficult for you to get a licenseIf you want to buy on subject to or wrap mortgage without a license I think you're in the clear because you're acting as a principal and you're getting on titleIf you just get your license and act as a principal you're fine, and also disclose to the seller that you are licensed but acting as a principalIf you want to be hardheaded and do lease options without license, please don't complain when you can not do business in  Massachusetts or Rhode Island or Connecticut or New Hampshire or Vermont, New Englanders talk to each other

Not that i dont have one but there is a HUGE room for improvement on that.

{When looking at smaller multifamily (i.e <16-20 units) with central heating, the operating costs are likely to run closer to 60%)The 50% "guideline" is a quick, in-your-head, means of performing triage on a property and deciding whether it warrants further examination.