Have you talked to contractors about the cost to build? 

Being able to introspect about yourself and use other people's advice from their life experiences is super tricky.I heard Brandon Turner repeatedly say not to build multiple bridges at once, and that is EXACTLY what I did (tried to wholesale, broker, contractor, flip, etc.) and had to learn for myself. 

Hey whats up Patrick I’m a general contractor in middlesex county and my company has been buying flips in Essex and middlesex since 2017 It’s a great idea to expand and start getting into flips My advice would be don’t worry so much about the region your buying a house in besides being careful of flood zones but other then that just make sure you can add value to the property because as you know it’s insane in jersey now.  

You spend 100 hours, and nobody else (contractors, cleaners, property managers) spend more hours than you doThe hours have to be documented, and they have to be actual work specific to STRs.

Some of the biggest complaints i see are that you have to use specific contractors and it may take awhile before they can come out.

Meanwhile most who obsess over entity formation fail to carry proper insurance, work with unlicensed and uninsured contractors, fail to execute contracts, can't explain the difference between being listed as additional insured and certificate holder or request to be listed as additional insured on vendors insurance policies etc.

Hire the right contractor, and time boxing.

This team should include professionals like agents, lenders, contractors, and property managers.

., overseeing contractors/property managers, etc.), and 4) contributing the money is worth 25-30%.

If this is something that bothers you enough, then try to renegotiate your contract, or find a new manager that has the terms you want.