I actually like them because the homeowners' association (HOA) usually covers most of the insurance, and there is very little maintenance required.

I actually have a few deals under 75% ARV right now.

If it is a high-end project, I would spend on an actual lIcensed designer.

I recommend you figure out what you want to do, then actually do it to see if you enjoy it, have some skills, etc.

You could get lucky at $6k but I'm guessing the quotes will come in at $8k or higher.  

I personally would sell the house - it's negatively cash flowing ~100/month, if you were to add in repairs/maintenance, CapEx, vacancy, rising insurance/property tax costs I would think you're actually losing more than you estimate (luckily it's new so you are on the very low end of that right now).

For a condo you can/should check the county assessor for land value  (you would apply the same allocation %, don't use their actual number listed) Also check your HOA documents.

Let's talk,DanIve actually been looking into buying a condo myself as an investment, I have a few rules, needs to be with both good hoa management & relatively cheap fee (bellow $600 a month) needs to be in area where I’m not competing against other new construction apartments, needs to be an area where even townhomes are so expensive you are not competing, I.e. upper nw, nova, Bethesda etc. needs to be 1990’s or newer in most cases.

Cleaning up our work area, I remembered what my old co-worker once told me on the construction site "There are 3 ways a job gets done: One way in our head, another way planned out, and how the job actually goes." 

I can only GUESS.