You should be about 50k out of pocket—10k downpayment, 10k closing costs, and about 30k for materials and slight amount of labor (but you are doing most of it yourself). 

As an investment property owner, this means less maintenance and fewer unexpected expenses from storm related damage, often resulting in more affordable insurance premiums, less wear & tear on mechanical equipment, roofing materials or exterior surfaces.

As you do this more often, you'll be able to keep a spreadsheet of per square foot prices for materials and labor to get things done and you'll be able to estimate this yourself.

When you read that material and you have a question, it will then be a specific question that can be answered.

To qualify, taxpayers must meet specific criteria demonstrating that they are real estate professionals who materially participate in their rental activities.How to Navigate the Rules:Step 1: Identify your real property trades or businessesHere is a list of activities that are considered to be a real property trade or business:RedevelopmentLeasingConversionConstructionReal property developmentReconstructionOperationRentalBrokerageManagementAcquisitionIf you participate in multiple of these activities, you may be able to combine them making it easier to meet the material participation hour requirements.Step 2: Demonstrate material participation in real property trades or businessesThere are seven tests to determine if you demonstrate material participation.

Those are built like a tank and you can refinish over and over again.Just be prepared to have more ongoing repairs with the cheaper materials used on a property like that.

For a lot of things you can just look up material costs and assume the same for labor. 50% material and 50% labor holds roughly true for the entire project, at least for me here in Milwaukee, your labor cost will probably be higher in the Bay Area.100-125k spread would be tight, even for me here in Milwaukee.

We can transmit electricity reasonably efficiently, and then we can transport actual material (ie: water or natural gas) reasonably efficiently. 

Are the people that give bad feedback on the reviews actually the lazy ones who sort of half commit themselves, put half *** effort in studying the material and submit half cocked deals to Jerrys buying team only to be rejected and when they dont make any money in 30-90 days just get angry and decide they will give a bad testimony on rip off report?

Curious to hear the system you'd recommend for tracking material participation?