After 15 years in this business, the hard market looks like it's here to stay. my background is in underwriting cargo, commercial auto and marine risk for oil & gas and trucking and all markets are facing repricing or pulling out altogether due to higher losses during covid.

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.

Shoddy work ends up being way more expensive than good work.Folks who don't deal with the budget at their place of work rarely understand is that what you bill the worker, is 2-3 times what you make. 

Which market would you recommend to focus on with this budget?