@Bruce Woodruff did a good job with some basic numbers and it looks like a loser.Plus you are paying a premium over the average.

@Joshua Lanzieri when renovating older properties there are almost always negative surprises.Go watch any HGTV renovation show and most of them will have this as a cliff-hanger, forcing the choice of either going over budget or cutting back elsewhere.10% overruns happen often, but 50% is NOT acceptable!

@Brittany MyrickIf I were getting started in real estate investing in New England, I’d focus on researching local market trends, especially job growth, rental demand, and the broader economic outlook.

I have no w2 job, a lot of toys (need to get a plane), can do what I want, can assist my son to find his way in life (he is leading his 2nd rehab) and if I wanted I have generational wealth (I have given away a lot money the last few years).  

I've never really done a deep dive in analyzing the area because it is a retirement community, median income is very low, and there arent a lot of jobs in the area.

There is strong rental demand because of growing population, job market, and the booming tech scene. 

Thanks to God I have a well paying job and plan to use that income for any issues that may arise like vacancy or maintenance expenses.

If you do a good job picking tenants, you will be fine.

What would be the best ways to familiarize myself with construction process, while still maintaining my W-2 job? 

Look for ways to increase profits but without cutting corners.