My question is: during the one-hour open house, what’s the best approach to determine an accurate rehab budget?

If you think you have average intelligence and a general hard working person, for non luxury STRs (competing with 3 star or below hotels in the area for average people who simply need a bed and a kitchen) I would use 60% occupancy rate to start in the beginning and then 80% after stabilization.

It’s emotionally draining, but I’m determined to honor his legacy by building a real estate portfolio, just like he did.On top of that, I’ve faced a lot of loss in recent years.

People see a pretty house (or any house) and simply click the "Schedule a showing" or "Request an application" box.

The fact that 8 acres were developed and 200 were left as farm is a clue there is some issue.Another first step would be to determine the possible economics of the development.

BP has calculators to help you determine cap rates and values. 

The value will be determined by an appraiser hired by the lender.

And I fumbled myself right into some amazing deals just simply walking around, knocking doors, talking to people. 

I recommend you really study your market to determine the appropriate rent rate, then market yours 5-10% below the competition for a six-month lease.

This piece will also help you determine what you can afford and cash flow.