Ideally completing light renovations like this shouldn't take long and you should  have a low holding cost on the hard money loan (if you used debt) and make a higher profit on the sale or have more flexibility on the payoff when you refinance  Plan on long-term and hold.

Gaining an understanding of the Zoning is vital to what can be built and essentially dictate how profitable the land can be.

Profitable with minimal investment Lessons learned?

I am in the long-term property management space, so I may be a little biased, but everyone saying "STR is more profitable" should really be saying "CAN be" more profitable. 

Quote from @Beau Guidry: I agree with all of the above and will add the exorbitant insurance costs are squeezing rental profits at the moment. 

And it needs 40k in work and the ARV is 55k.Project cost = 50k - 60kARV = 55kThere's no profit margin for a lender to feel comfortable even thinking about a loan.The problem with these micro price points is that almost no lender wants to even be bothered with them.I always tell people if you have 30k, then you can do a low price point deal in a market from Pittsburgh to Indy. 

I am very perturbed by the authoritarian way the program is managed currently, it feels like landlords are being purposefully ignored because we are profiting from the relationship (lets face it, everyone is...it's called business.

You will avoid all taxes on the profits from this syndications. 

Scan receipts and label them with the appropriate property.For our bookkeeping clients, we advise using the Profit First framework.

I've seen people jump in with overconfidence after doing minimal research, thinking they can make quick profits.