Quote from @Michael Daniel: Purchase price 70k currently renting for 900 ARV between 110 - 140k need about 25k in repairs in my opinion@Michael Daniel Do you think you can raise the rent after the finish the rehab?

What you describe sounds a little like a BRRRR (Buy Rehab Rent Refinance Repeat). 

After adding an extra bedroom and bathroom and rehabbing the house, I was well over budget.

If not, what would the post-rehab rents be? 

And the hardest part of all this is finding sufficient labor to rehab/manage the property.

If we can get in and out in 30-45 days on a cosmetic flip, we will take less profit than a 6 month or longer rehab. 

Most land bank properties, Detroit or Wayne County, are trainwrecks and cost more to rehab than they are worth - unless the market keeps improving.Be careful on the next one, but keep improving Detroit!

Would you be looking for a "fixer upper" type property or something with little to no rehab (aka "turn-key")?

Courtesy of the video, criteria to consider include Deal Type, Management Plan, Business Plan, Financing, Asset Class, Ownership Structure, Property Class, Location, Purchase Price, Rehab Costs, Risk Target, and ROE Targets.

Our strategy is to buy out of shape properties and rehab them back into shape, so a GC with experience in doing extensive renovations at once would be preferred.