The cost starts with  1.) plan cost (survey, civil engineer, site plan, architect, structural engineer, mechanical/electrical/plumbing (short for MEP) plans, etc.).

This week I received my first negative review from a guest.I understand that this is part of the business, but I'm just wondering what coping mechanisms does everyone revert to when this happens?

And would that be the architect or mechanical/designers? 

You won't have as many headaches with mechanicals being newer and you'll be able to get cash-flow day one if you're investing in the right market.

What downpayment % does your finance mechanism require?

Get this established up front, consider it a venting mechanism, so if one party feels frustrated they have a ready way to release it. 

In that case, you have to break down the rents vs. liabilities, show that the mechanicals, roof and everything is in good shape or have reasonable repair costs laid out, you need to know the appreciation potential, and the comps.

You can't see slanted floors, understand mechanicals, and know the smell of mold from your chair.

. ; it is not something that's uncommon like in the 80s.So if you see my reply, the single family can be used as "saving mechanism" as well as "generating income".

On top of that if your spending 65-70k I would assume your doing mostly cosmetics with touching up the mechanicals as needed which is a good starter rehab as well.