If they don't show up, projects get very delayed and become unprofitable, even costly.

Second thing would be to work with a contractor, this is great stuff to do since you know building a house, building material costs, and knowledge of right and wrong what to do. 

Upon BP member recommendations, my husband got his real estate license which now helps increase our access and decrease our transaction costs.

@Jay HinrichsI try to avoid historic districts at all costs.

I have had investors pull equity from their homes in the phoenix area to buy cash flowing properties in Fayetteville and similar areas, because the price growth in the phoenix area generates amazing returns.It depends on if you want cashflow now or delayed gratification later.Keep in mind that when you do sell, there are costs to selling and depreciation recapture  and IRS taxes, which eat up most of your "equity" growth. 

You are only adding complications and costs with the LLC with no upside  This is all assuming there’s been almost zero appreciation and you shouldn’t sell tax free while you have the chance. 

That is part of the cost of investing.  

You need the backup option in case the mid-term rental market changes.Minimizing turn costs and downtime is critical.

Figuring out the true cost will heavily depend on the type of dig down, depth, and total square footage. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.