I’m aware of marketing being the majority of that budget.

Other hidden costs you need to consider when evaluating HM lenders:-Applications Fees-Administrative Fees,-Commitment Fees-Underwriting Fees-Origination Fees-Loan Servicing-Rehab Draw Fees-Inspection Fees-Interest paid on undrawn rehab budget?

Quote from @Gian Pazzia: For properties that small, you should budget $450 per property and use cost segregation software like the one below from a trusted brand that has been in business almost 25 years.

Get rid of debt, build a budget, and save.

Budget for Property Taxes: Property taxes can be a significant expense, so it’s essential to budget for them accordingly.

The reno to get to the ARV was simple, but I had budgeted $70k conservatively.

We typically have an operating budget of $600-$700m in the county of Maui. 

I would also consider what is your target audience, is it bachelorette parties, wedding guests, wine tour guests, casino goers, etc?

You may have to go creative rather than conventional, but depending on where it is and what you are doing, you may be looking at anywhere between 100K-300K in soft costs (permitting, design, architecture, utility hook ups, etc.) and a construction budget of probably 1 Mil to whatever, once again depending on what you are doing and where. 

@Monica C.I've invested in a little more than 10 separate syndications with about as many different leads.The one thing I appreciate the most is those asset manager who are willing to send out monthly charts of actual vs pro-forma income and expenses.That's not to say that they are always within budget, because they usually aren't, but they at least show a level of honesty and accountability as well as showing progress.I'm invested in some deals that publish very few KPIs if any at all.