My budget is in the $200-250K range.Please feel free to let me know if additional details would help, and thank you in advance for your time and advice! 

If you are getting a good deal on a place and it is just a regular-style house, I would run numbers compared to AirDNA and Mashvisor's estimated revenue.

If you want an estimate before work , that also takes time , we would bill the same rate to go out and make a list , price materials .

I’m estimating renovation costs at around $150,000.

Reassess your repair estimates and see if you're being overly conservative.2.

Verifying last 2 years of rental history and income extremely important to find the “best of the worst”.Make sure you understand the Class of properties you are looking at and the corresponding results to expect.The City of Detroit has 183 Neighborhoods we’ve analyzed.DM us if you’d like to discuss this logical approach in greater detail!

Eric,Without going into too much detail on each line item, at first I use my back of the napkin method with a 40-50% expense ratio.

It's like the 70% rule, you can use it to narrow down 100 deals to 30 deals to dive deeper, but you need to know estimates per house..

Q1: Great points, we'll need to have a detailed operating agreement that outlines an agreed approach to all potential outcomes.

Looking to rent for $175/night min and total estimate is $100k for the build, aiming for 20% CoC.Any pitfalls/advice for this uncharted territory?