@Allan Pan I wonder if your criteria may be a little unrealistic for the current market.

What I have found out since posting is that owners are unrealistic on what they can get out of the property and are not willing to drop down that much. 

Do you have cash set aside, cause $800k with value add is just unrealistic.

The drafter will tell you what the expected timeline for design will be, timing for permits with city, what the lot and zoning allow you to do… etc The contractor : has to be someone that knows how to do the work (experience), is not too expensive so that the investment makes sense at the end, but is also not unrealistically cheap, to the point that they won't finish the project or they will simply run off with your money… Assuming you have an honest and experienced well priced contractor, then they will give you an understanding of costs for the entire project (a ball park bc you won't know 100% until you get RTI permits from the city (approval)). 

I think a lot of CA / HCOL area investors go into Ohio / the Midwest with unrealistic expectations.  

I think the seller has unrealistic expectations.

@Rob Trufant I wonder if your criteria may be a little unrealistic for the current market.In Colorado Springs (and most other markets) House hacking is tough to cashflow in year one (with current house price run-ups and interest rates) for a couple reasons:1.

I kind of have an unrealistic goal of earing 8 figures gross a year by the time I am 30 and am willing to go all out.

You get what you pay for.And oversight outside of comliance and contracts is unrealistic.

By law, licensed individuals are required to present all offers to purchase, regardless of who they come from or how unrealistic they might be.