Replacing one bad fixture between material and labor can end up being 3X the cost of buying the better quality fixture in the first place.  

Hey @Craig SparlingLove seeing someone approach real estate like Benjamin Graham or Warren Buffett might tackle stocks... methodical, data-driven, and grounded in fundamentals.

Now just realize it will STILL need to be demoed , they dont burn it to the ground , and demo guys hate dealing with burnt materials . 

Supply & DemandUnlike financial markets, real estate prices and rents are driven by supply and demand.

Read as much material as possible and go to some local RE meet ups.

Educate the land owner on the potential profit run the numbers and go over the basic proxy and blue prints.Make sure you have a seasoned and qualified Builder/GC because they can be a deal killer with wasted time and inflated material and extended completion dates.

@Steve CrispIf you meet the material participation guidelines and qualify for the short term rental loophole you should get a free cost segregation estimate to see how much you would benefit from the accelerated depreciation. 

You could argue that your property has not materially improved and does not meet the same value as the most recently sold properties.

From my research, I'm seeing $100-$150/sqft depending on complexity and material.

The judge had doubts about the veracity of the website I was using to collect the rent (I gave him a print out of the payments and non-payments from the website) and thought we should have driven to unlock the door for the tenant when he locked himself out (3 hours) instead of telling him that was his issue and he should call a locksmith.In the end the judge asked him how much he thought he owed us and he did his calculations in the courtroom, not having this prepared.