Has anyone stopped to wonder why some Sponsors can secure commitments from the more sophisticated check writers while others have to target less sophisticated investors and spend significantly more time on the capital raising to compete for the same buildings?

Sure...the sponsor can take their profits from other deals and spend them however he wants. 

It is easy to spend a few extra dollars fixing a duplex up and be the best on the block.  

The best advice I can give is that you spend the next 3-6 months reading various threads here and listening to as many podcasts as you can.

Quote from @Evan Hopple: @Shivani KumarConsider if it's worth the time/money to find deals off market over just paying someone that spends their own resources up front that have the experience and relationships in the specific market you're looking. 

. 🙂  Guests will also appreciate having had a more local experience due to these relationships.To boost your Google search results without additional ad spend, add links to these partner businesses on your website and have them do the same. 

It will probably only get used during the winter. and I can see some maintenance issues too with all that moisture inside it would be easy to get mildew or mold growth started if it is not maintained properly and often. also it is traditional to follow up your time in the sauna with a dive into a nice cold lake (or pool), or at least you might want to have a cold outdoor shower nearby. personally I would spend my money on something like a hot tub before I bought a sauna.

And then put the money into his own HYSA so it is earning a little interest for him while he starts to spend it for his repairs. 

Track your spending.

With standard ceilings, and single-story I would expect to spend about $100k for basic turnkey on that addition with a hungry builder.