New luxury vinyl plank floors, new carpet, new kitchen including quartz countertops and stainless steel appliances.

There are also luxury apartments with huge club houses and pools to choose from, and not as many Single family houses...

Not everyone has that luxury.

You will be operating in a one sided heavily pro tenant environment and do not have the luxury of selecting the wrong tenants.

Using the SFR as an example, I could likely get a 2300 SqFt building with low quality finishes, basic architectural design, etc finished for under $400K ($175/sqft)However, if you had an ultra- high-end, luxury home before; you likely won't be very happy with what that $400k ultimately yields.

I think a more realistic rehab budget would be something like 85K ($25/sq/ft * 1614sq/ft = $40,350 and then double that for a conservative first flip = $80,700), but I just wanted to be SUPER-ultra-insanely conservative. 

The rehabs are not high end because these are not mansion properties (although they are rehabbing high end properties now).  

Less payment of $850, leave 250/mo positive cash flow, not including other expenses, vacancy etc.In the meantime, we have a garage, which would just be a luxury and could probably rent out later for storage or an extra rental income from the tenant.Now that I type it, it seems like less of a viable option but maybe....Adding image link to give a better idea of the house and land. https://imgur.com/a/1Q6MvAt

Infant child and we are living in a 5 year old home with many luxuries that we would definitely lose by going for a house hack.

Images of people driving expensive cars and living in mansions while making huge sums of money passively.