I am assuming that these expenses should be factored into your budget prior to calculating your cash flow.

We converted a old restaurant on the property to a coworking lounge, redid the pool and built out the roof to a entertainment center with fire pits, lounges, bubble chairs, barbeque, large screen TV, music, yoga mats and amazing views of the ocean and city lights.It is designed for coworking/coliving for business professionals and entrepreneurs who want to...Live where they work.

First thing to consider is what was the original foundation design and can it hold a second story to a home.

The loan on a property shouldn’t factor into the taxes.

Will factor this in our decision making process.

If the rate is reasonable then it may make sense to try to save fast to get to the 3.5% down payment on a double or triple - househacking may allow you to increase your savings rate and pay down that loan even faster.As for estimating costs, closing in NY factor at least 1% of the mortgage amount for tax, plus $1500-2000 for lawyer, title and fees, then the amount required by the bank for escrow will depend on the actual property taxes and insurance.

I understand there are other factors such as pitch etc. but i am trying to get ballpark range. 

What are some key factors to consider?

That curriculum you are following was designed for you by the school this way. 

A lot of investors are flocking to Memphis for its solid cash flow potential, and you can typically see strong returns (8%+ cash-on-cash) here, which is a huge draw.The job market is another factor.