Does Hard Money typically cost 30-40% of the purchase price?? 

Many times they will hold back the renovation costs in escrow and release once you’ve shown the renovated unit and leased it.  

(This may have changed in subsequent funds, so check with PPR.) 

That cost me about $1,000 each time. 

@Kerry Baird Love hearing about others taking advantage of cost segregation studies.

I would highly encourage paying a GC to walk deals out the gate, have them give a scope of work so you can see what items costs.

Most cost segregation firms will provide a free cost/benefit analysis quote to help you determine if the tax benefits from the study will outweigh the costs.

What should it cost?

It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.

It is my understanding that the new owner will have the house at the cost basis of my purchase price, for calculating capital gains taxes or depreciation.For gift tax purposes for you - FMV.For capital gain tax purposes for the recipient - your original basis/purchase price