@Joshua Christensen wouldn't expenses naturally be less if the seller's just spent about $75,000k on cap ex improvements? 

Correct2. 100 hours could work if it's more than anyone else spent on the property including non-owners3.

I spent roughly 60k on rehab. 

I have very little debt besides mortgages and have spent my own money doing renovation over the last few years.

The Kitchen: The kitchen is the heart of the home and where most of your time will be spent.

I don't need hard money because I have a lot of cash.Purchase: $190kDownpayment: $40kClosing/Realtor: $10kLoan Amount: $150kRenovation: $15kARV: $250kRefinance: $5k Final Loan Amount: $190KCash Back: $40KCash Spent (Down & Renovation): $55KCost to buy (Closing/Realtor): $15K---------------------------------------------------------------------------------------Total Monies Spent: $30KLoan Amount: $190KMortgage: $1.8KRent: $2KThose are rough numbers going through my head.

@Chris Seveney - I asked Chat GPT about the correlation between Real Estate Syndicator time spent on social media, and the likely correlation to investment returns :).

I spent months reading, browsing forums and meeting with other investors to prepare.

I did not know of this time log requirement for STRs, so as a newbie I am going back through emails, texts, phone logs, invoices, etc. to determine how much time I spent on everything.  

Hey guys, I understand that a lot of time is spent talking about how to leverage your current real estate holdings to obtain new ones.