Challenges?

For a lot of things you can just look up material costs and assume the same for labor. 50% material and 50% labor holds roughly true for the entire project, at least for me here in Milwaukee, your labor cost will probably be higher in the Bay Area.100-125k spread would be tight, even for me here in Milwaukee.

Challenges?

I think this is a more challenging question than it seems.

This is a GREAT post and so true.

It's important to work with someone who has firsthand experience with the challenges and rewards that investors encounter.

If it sounds too good to be true, then make sure that you take the necessary steps to ensure your own safety.

Is this true? 

The challenge is convincing one's partner to move into it :)

True if it is not negative cash flow.