Yup, a touch higher than here in the Midwest.

Reason is a Heloc generally carries a higher rate on a shorter term and "Can Never" be used as an "Asset, or for PITI reserves" which are both required when you buy an investment property. 

@Mindy Jensen - Wasn't there something about how "Adding more people to title" could boost the primary residence cap gains exclusion from $500K to higher number?

I also like to be set higher than most of my competition because I only buy really cool properties that are sought after.

Some flips you will only have the budget to paint, do new flooring, etc....others will justify a higher-end remodel to get the best ROI.You just need to get a Licensed General Contractor to go over your Scope Of Work and attach a pricce to what you want to do.Now, if you wanted more precise guesses at your budget, and gave us a Zillow link...we could actually throw some numbers at you.

John I rented a 4 plex i remodled in charleston as the flip market had slowed.. the tax's on it were substantially higher than an owner occ property.. could be the rates were different this was a 1.2 mil prop..

You have zero control over the stock market, whereas when you do private lending, you have significantly higher control and contractually guaranteed return on your money.

(Your income will be $10k higher if you self manage, but as I mentioned before, you earn that $10k by acting as your own PM. 

My thought was the higher the better to maximize cash flow.

I have had both LTRs and STRs, and have found the return on investment in STRs to be significantly higher.