They didn't dig into specifics on how to do that. 

What was the specific rate he was quoting you?  

Of course, your specific block may be higher or lower.

@Vince Nguyen Yes you can absolutely do that, but there are lender specific guidelines you have to meet. 

Clayton county and the south part of Fulton (specifically College Park) have been great for us.

Here, we will focus only on a December-specific question: how can I meet material participation if I buy an STR in December?

I was specifically responding to this: Would I pay for all the remodel expenses and then 50/50 split of profits or does contractor pay remodel cost? 

., major systems like plumbing/electrical)Full Gut/Studs Down: $85-$120 per sq. ft.Luxury Finishes: $150+ per sq. ft.However determine the Rehab Costs are only a part of analyzing a deal, you also have to focus on determine the After Repair Value of the property in the specific Area/LocationIf you’re focusing on specific markets and ever want to discuss analyzing deals or strategies, feel free to connect, Our firm would love to help you!

At a high level it will all come down to the specific piece of land you are looking at.  

Always approach as a developer with a specific usage.