That is a small kitchen so looking at less than 10k all in, the flooring 7-8k if you are using a life-proof style LVP and drywall/paint about 5k based off your SF.

Everyone has a different model. 

@Matt W.I have a 1031 vs no 1031 calculator model that I built that shows me the IRR breakeven to help determine the difference in risk to achieve the same quantifiable return.

I’m considering a hybrid MTR/STR business model and this code seems most appropriate as it covers various rental durations. 

I'm so sorry for disturbing and coming this way;I really want to gain the experience.Also, if you're contemplating expanding your business using the Arbitrage model but need guidance, I am here to assist.

Once you get your systems down, you have a real estate business model that you can take to any market and be still be successful.

Third, develop a property management model and plan to keep expenses low and revenue high. 

@Jonathan Baptiste It is too difficult to bill back people with rent by room style of house hacking, you will be unable to make it "fair" for everyone since some people take more showers than others, some people cook more than others, so how would you bill back those renters, or if one renter is gone for two weeks visiting family?  

So what does it means by conservative syndicators are not just about how the financial modelling aspect (eg: syndicator that took 10 year fixed loan is very different with syndicator with bridge loan 5 year 80%LTV floating debt) but also how about it operates its business.I do not care about their philosophy as well, if they have the PM as their own internal team, I could be their friend.

-Rob,Greg, and Al I'd start with a real estate agent sending you all the new construction 2-4 family styles that have sold and pick one that is small and compact and sells for a premium.