In my market you can do a cosmetic rehab: new kitchen, floors, new bath, recessed lighting, taking down some ways, screwing down floors, new paint, baseboards, trims, casing. 

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.

Previous owners converted basement space into livable space (kitchen, shower, bathroom), but it does not comply with legal ADU unit standards (one separate entry, 6'10ft ceiling).

The gs company paid for the excavation, I paid for the equipment and the next year the tenant's gas bill was $1,700. 

I am a general contractor that specializes in kitchen remodels and high end custom cabinetry, but I'd like to use this project to pivot into more general contracting and property development. 

If the age of your equipment is older, or it stops functioning, those repairs can also add up.

First, it fast-tracks your learning as an investor - you are forced to develop better time management skills, build your network of reliable contractors/ handymen, etc..Second, when you are ready to transition to a property manager, you are well equipped to evaluate and hire the right company.3.

I installed some updates like new flooring and Kitchen appliances.

We found an opportunity to purchase a huge SFR with two kitchens located next to a commercial zone which was previously used as a sober living facility.

A local investor will be best equipped to get repairs and renovation done at fair prices, set rents at appropriate levels, and help select qualified tenants.