Just closed on our first rental property last Friday, starting the demo today.

Because you have more then just the demo/rehab costs here, you also have a lot of added days on the turn where it will be un-rentable.If your workers are good you might be able to turn that unit in 5 days (without the opening up), including kitchen counter upgrades.Also, will removing walls trigger any required upgrade to the electrical system to bring it up to current code?

It can be very expensive and often cheaper to demo and start over. 

@Yiting Yang I can possibly help you out with a few contacts.

He just finished demo-ing the old building and told me that our property encroaches on his (according to his survey) by 4 inches- the 4 inches are all sidewalk but would make the walkway on the side of our building narrow if taken away.

As to getting accurate labor costs, if you can form a relationship with a contractor, you can certainly pay him for his time to do one sample bid for labor on all the items you should need (window install labor, trims per LF cost, hang/install interior/exterior door, demo a bathroom, demo a kitchen, demo flooring, tile install floors and walls per SF, etc.)

Got approval very quickly and jumped right into demo and rehab.

If you can buy low and demo the house cost affordably, then you can relist higher for a quick profit.How do you go about finding the empty lot value vs the current property value?

Otherwise, it's 60 days if you or immediate family intends to occupy, and/or you intend to withdraw the premises from the rental market, and/or you intend to demo or substantially remodel, and/or you entered into a contract to sell premises to a natural person, AND purchaser intends to reside in the premises, AND title to the premises is an SFR or condo, AND owner has previously provided tenant with a rent control exemption form.

This led to my wife and I taking on the demo and hiring out the relocation of some plumbing and the installation of new tile.