The tenant pools are great, as we are the State capital, we have two MAJOR hospitals, government jobs, large developments happening (out-of-state union workers), MSU, Lansing Community College, and so on. 

go to Home Depot, talk to some general contractors, join your local Facebook and meetup groups and start getting good ranges for every major item.

If you come to me and say you super handy ready to take on a major renovation my answer will be different compared to if you come to me saying you need turnkey and 30 minute commute to NYC.  

There are a few areas (like mine) where a closet is considered a requirement, but it isn't actually a major thing across the country.Having said all that, I don't think a non-qualifying bedroom can't be listed as a bedroom in the listings on VRBO and AirBNB. 

The key is finding out what the seller wants as far as terms but the majority just want a quick close with the highest price. 

Quote from @Jamie Banks: @Jesus Jimenez Right now we are concentrated in the major cities from NY to Richmond, VA including NYC, Newark, NJ, Philadelphia, PA, etc.

I also got involved with a builder in Florida who has yet to produce the first of three houses they're contracted to build, which was a major hit to my available funds as well, setting me further behind.I also figured if I fell a little behind in saving (18 months instead of 12 months for example), I'd still be making progress.

Always fix all water issues first before moving on to doing major repairs of a structural  nature.  

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I’m interested in value-add properties, but not to the extent where they’re in struggling neighborhoods, which is unfortunate because these areas are just blocks away from the major hospital.