So, when you are searching, I would look for spaces that have good bones and already have the bigger projects done.

Harb  not all paid for education in the real estate industry is bad out of hand.I know I have paid for training many times over the years. in niche's I needed to bone up on.what strikes me with this particular deal is as stated the suggestion of rich's beyond what most of these folks can imagine.. also your the lucky one to get in our club now send us 15k and pay 197 a month so we know your serious..

I looked at them and honestly I did not see where there was enough meat on the bone.

How are such deals usually structured to ensure there is enough meat on the bone for the developer? 

It seems a lot more expensive for even a bare bones rehab than I anticipated.

If it continues to have living expenses go up and up and focus only on tourists, I fear that the average worker won't be able to survive and therefore make it a very difficult small economy in general.So in all, as a local, I just don't see logically how the real estate can keep appreciating for much longer unless the living expenses stop hiking and lower and middle class workers are able to survive here, as that's what is the back bone of it all right now.

The bones are in great shape.

So I think there is a bit more meat on the bone than $50/mo.If you share the exact expenses you are estimating, we can dive in from there.

If the deal is good enough (i.e. has meat on the bones), investors usually have no issues obtaining financing via hard money, private money or other lending options.Your experience will likely be similar so I'd recommend spending time/effort on finding and negotiating deals.

There seems to be a lot of property with good bones in need of some primarily cosmetic updates, but I have little knowledge of the market/demand in the area.