When they create costs they have to cover those costs.

For the financial side they hire third year financial analysts (3 years removed from college) because they cost one quarter of what a qualified employee would cost.  

Let's say at 6% over 30Yrs will be about $960 per month(Principle/Interest) with the remaining  interest only portion $40K costing roughly $200 per month. $1500- $960 + $200 IS $340Cash in your pocket after everything roughly $1500-$1160-$340 which is not bad for a 100% financed deal(INFINITE RETURNS)Now, If you ran this analysis on a 1% deal as @Nicholas L. mentioned you will undoubtably end up in the red each month.All the best!!!

Don't know how much renovations will really cost, again, either PM or GC conversations.  

% rate buy down, closing cost seller credit,  lower sales price ?  

As someone else mentioned, insurance here is generally less costly than in Florida and other beach markets. 

We have an event this Saturday Feb 12, 2022, you can check out the Bigger Pockets page for it here:https://www.biggerpockets.com/...The group's page on Meetup.com is at:https://www.meetup.com/real-es...There is a $5.00 contribution which you can do in cash at the meeting as well, it doesn't come close to covering the cost of the space but I may be able to get another space shortly. 

If you are going to raise equity, you appear stronger if you can originate bank debt at a lower cost than alt. lenders.

After closing costs, it was about $107K.

Startup costs paid out of pocket should be recorded as capital contributions and may be deductible as startup expenses or amortized.