To clarify, I will only discuss renovations for rental properties, not renovations in general.Before you start, clarify your goalsWhy do you renovate a property?

I'm sure this isn't looking at the whole picture, but wanted to start a discussion around it. 

We need to close on the second piece of land for the parking which is maybe $60k by June so I figured to set it up and raise the first 500k-1 million for the development. the SPV could also just be a development SPV with a refinance as an exit. but I think planning on long term ownership is best with passive income. the structure you talk about with hotels is post entitlement it's hard to negotiate up front. so this is a unique opportunity where we own the land and it's meant to be a good start. 

Quote from @Greg Weik: Quote from @James Hamling: Yeah @Drew Sygit, I am pretty sure we started the "flat fee" thing. 

I started my career with the renovations team renovating the houses we buy, and with the property management company working with our residents and our maintenance teams.

I am passionate about Tiny Homes, I started just by helping more people with creative floorplans by self teaching myself CAD design so I could help more families.

My plan is to start house hacking.

Lower Start-Up CostsTraditional real estate investing requires 20%-25% down, making it difficult for many to scale quickly.

Consider starting small with house hacking a duplex or triplex, and use tools like the BiggerPockets Rental Property Calculator to analyze deals.Good luck!

This encourages them to start their search now and (hopefully) leave early so you can turn the unit around and find new tenants sooner.