Defining Rehab

[Kevin Edwards]

I live in the San Fransisco bay area and was just talking with a friend who is on his fifth house-hacking flip. I'm new to real estate investing and I'm trying to figure out if I can afford to "learn" to flip in a market where a 2/2 is $1M. My friend said after his fifth flip he has learn that the best way to go is to rip the entire house down the studs (or more). Every time he starts a rehab it grows and grows. He also said that the market demands very high quality work, trim and appliances. I asked if there was a way to rehab in as little as a month and he replied only if you are painting. His projects take 8-12months with contractors. Yikes! Everything I had been reading up to this point led me to believe a rehab was to fix the broken things, paint, and maybe redo an out dated kitchen or bath. Speaking with a kitchen and bath contractor in the area and he said a bath rehab is $15-30K minimum. 

So, is a rehab in the eye of the beholder? Does it vary depending on the market? Would I be looking at $100K-250+K rehabs in my area?