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.

@Muthu Subramaniam, the larger the number of units the easier it is to budget for and weather the ups and downs of property maintenance costs.A warranty will cost SUBSTANTIALLY more in the long run than the value you get from it.

All my quotes are for 15k which I cannot give them because I budgeted this renovation project for less.

Maybe look at what nobody really wants to look at and that's some budgeting.

On the other hand, if you have a lower budget, let’s say $100-$150k.

I am trying to figure out what will be the best way to finance the renovation, which is budgeted at $70,000, without refinancing the entire property. 

HOA and condo fees were a challenge but if you anticipate or budget it doesn't have to be

My opinion is that the higher end stays will remain healthy because those guests have more disposable income while the lower budget stays will take more of a hit.