WHAT IS A COST SEGREGATION STUDY?

I would include servicing costs of the loan and licensing costs.

What costs/fees should I look out for?

EDUCATE YOURSELF - yes, it will take time, but will lead to a selection that better meets your expectations & avoids potentially costly surprises!

Then there is the time element with holding costs.

@Jessica Seppo,Many people take the cost of an LLC and funnel it towards more insurance and an umbrella policy.

The cost associated with insurance for not having 20% is peanuts compared to what you potentially can do leveraging your down payment. 

How much will this unit cost to renovate?  

I have little confidence in turnkey providers, deals are already hard to come by, if they take another 20% cut before.. much better to buy a property from an owner that is in good condition.

He owns an asset that is worth (low-end) $300k that generates 2300/month (after all costs).