You will likely need to rehab for any strategy but Co-Living will be more bedroom additions which is less cost compared to kitchen and bath remodels that are more needed for furnished rentals. 

Hey Denny - For rehab costs, a good place to start is breaking things down room by room and getting rough estimates for common repairs like the roof, HVAC, kitchen, light cosmetics, etc.

We came across a large single-family residence with two kitchens, right next to a commercial zone, that was previously used as a sober living facility.

Plus they have not been able to read the water meters now, as the new manager (and the management company) because the equipment does not work now.

My remodel strategy is to use some of my own sweat equity and running subs to save enough money to upgrade the flooring, kitchen and baths slightly beyond the peers. 

I'm bleeding money as I write this, the cost is pilling up as I need to repair the damages, and replace all the appliances, they damage the kitchen cabinets also.

I installed some updates like new flooring and Kitchen appliances.

At our STR, we do have a fully equipped kitchen with coffee pods. 

., paint, flooring, or perhaps a kitchen or bathroom remodel), buying it at a decent discount, and putting down at least 25%.

Additionally, I would like to attempt to do the process Owner/Builder with subcontracting work out as well as doing some of the work I'm comfortable with (I have some experience with bathroom & kitchen remodeling an am not new to the construction industry).