I looked at areas that were no more than about a 20 minute drive from my house.Then I narrowed the area down to neighborhoods that were sort of that in between buffer type neighborhood.

Just make sure you give yourself 4-6 months of buffer time to look for the next property once the lease is signed on your current!

If I were to conservatively run an estimate, I’d take the total revenue on airdna and multiply it by .70 to reflect the cleaning fee, maintenance, and a small buffer.

PRELIM LAND PLANNING- do a preliminary layout, please remember stream buffers, specimen trees, ANY jurisdictional waters (its a good idea to have you county water systems guy come walk your property with you to verify any jurisdictional water systems and what the required state and county buffers are for those systems).

I've done dozens of renovations now and I still use the 20% buffer and because of that I'm typically able to come in at or below my budget.  

Likely if you can gross enough and have a buffer you should come out ahead in the end. 

Always add a 20% buffer when it comes to construction.

We have felt that we need that much of a margin, more for a buffer against risk than anything else.

I have no problem leaving 20% of my personal finances into the game and almost prefer to for an appropriate buffer with equity etc.

(especially when you don't ask for good reviews there is no buffer)  @Jim S.