Our budget is  200K.

Consider the down payment, closing fees, remodeling budget, and financial reserves while saving for a house worth $100-150k.

I'd say it depends on your price per night and budget to build it out. 

Additionally - you should budget around ~ 3-5% for all closing costs that also includes attorney fees, mortgage payoff fees, etc. 

Typically they'll look for additional reserve funds in your name to make sure you can still complete the project in case it goes over budget.

In addition, rehabs usually go over budget, and it is advisable to have additional cash to cover this shortfall.

Working for one for free in exchange for guidance would be a good idea, but I would be skeptical of somebody who wanted to charge me $4,000 of my $5,000 starting budget. 

This will give you an idea of what kind of budget you can take on and in turn, give you an idea of the kinds of properties you are currently in position to target. 

Operating Expenses (30-35% of Income)Rule of Thumb: Allocate 30-35% of your rental income to cover operating expenses such as property management fees, maintenance, repairs, utilities, and insurance.Why: Properly budgeting for these expenses will keep your properties well-maintained and avoid unexpected financial strain.3.

I'm closing on my first sub to deal this Wed from reireply marketing to a 30-60-90 list.