You don't see any actual receipts for materials or invoices from contractors they hired.

Keep in mind local zoning laws and market conditions in Portland versus Salem—Portland might offer higher rents but stricter regulations, while Salem could provide better cash flow opportunities.Your design approach has proven successful, so continue focusing on appealing upgrades like kitchens and bathrooms, but prioritize cost-effective and durable materials for rentals.

As brokers, we all have a duty to "discover and disclose" material facts.

There're some alternative planning approaches, but they are always case-by-case.  

Alternatively, do the risks outweigh the benefits of $500+ cashflow plus 30% day one equity and less than 2k out of pocket?

I own a licensed gc company so if it is in a decent area I know I can add alot of value to it at a cheaper price since there won't be any labor or material markups.

(Currently our rebar supplier is behind 2+ weeks and these materials were ordered 45 days in advance). 

From my research, I'm seeing $100-$150/sqft depending on complexity and material.

To qualify, both spouses must materially participate in the business, and the venture must be jointly owned and operated.

Some of the costs quoted shock even seasoned flippers as they are lower than even material are in many markets.