Financing and Exit Strategies MatterMany house hackers use FHA or low-down-payment conventional loans.

Just taxes will be 20k.I would run numbers like this:Property 1.5 million (minimum)Construction (Cheap end) 2.14 mHolding Costs (at least 150k)In my book, even according to your calculation, that means you put in at least (those numbers are on the low end): 3.8m! 

As a builder, I target about 15-20% profit per build ($500k-800k price range, low-mid in my area).

. - Once an owner knows what materials are being used, they can then check pricing at Home Depot, Lowe's, etc. - Some materials for bigger jobs, like concrete, are harder to check pricing on.

You won't find a great software for free or a low price.

Generally I'm a fan of hold until you die but in this case you are earning low cash flow on a large amount of equity.

I appreciate the reminder as well that if the gain is fairly low then it may make more sense to just pay the capital gains taxes now versus 1031 exchange. 

A reliable property manager and CPA are worth their weight in gold, especially when you’re managing remotely.If you’d like to chat more about what’s worked for my clients or have questions about specific markets, I’m always happy to share insights.

Fully furnished 6 month (maybe as low as it was3-4 months) is much closer to a LTR.  

You can purchase this with a low-money-down FHA loan.