After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

What are your ultimate goals in your future investment? 

I know there is a lot that I'm going to need to learn, and ultimately it will come down to how much the student puts into it.  

It's ultimately up to them, take that risk off of your plate and pass it along if possible.Offer a solution to the owner for a larger deposit amount, this can vary depending upon the situation and risk evaluation, but typically you would say at least double the deposit amount, plus first and last months rent before moving in.

If your opt-out percentage is too high then it may look suspicious to the carriers; ultimately, affecting your delivery rates.The goal is to keep you opt-out percentage low while maintaining compliance. 

My ultimate goal is to build a portfolio of cash-flowing properties to achieve financial freedom.I’m currently seeking mentors who can guide me through this journey and help me avoid common pitfalls.

My ultimate goal is to own multiple rental properties and achieve financial freedom at a young age in the future.

Ultimately, it comes down to underwriting and the ability for the property, and you, to afford to pay the monthly expense of the loan. 

Local knowledge is the ultimate advantage.

Who ultimately has to come up for tbe repair cost is a legal question between you and the neighbor.