Most likely all new mechanicals, windows, a fair amount of framing, insulation, etc., etc.

Hiring someone to do the work will likely cost too much (I would charge a small fortune, it's an incredible amount of work) and doing things as cheaply as possible will bite you in the *** later when you start having issues with your own shoddy work and/or materials.

It also helps to show them the amount of interest they can get when they add up 30 years of payments (compared to the sales price). 

If you purchase below retail and include a value add, then it can be a good investment in a very short amount of time (my last purchase has value ~$1M above my costs) in 3 years and was a good investment before 1.5 years.Good luck

So note to all owners of older builders - this is not a bad idea to include when doing a large scale rehab.Total labor cost: $13,000For the amount of labor and the materials he was including this was a really solid price. 

This document is signed by the contractor, subcontractor, or supplier after they have been paid in full, and it legally waives their right to file a mechanic’s lien against your property for the completed work.There are two main types of lien waivers:Conditional Lien Waiver – Becomes effective only when payment clears (use this if you’re issuing a check or waiting for a transaction to process).Unconditional Lien Waiver – Takes effect immediately upon signing, meaning the contractor cannot later claim unpaid amounts and file a lien (use this only when you’re certain payment has been fully made).To protect yourself, always require a signed and notarized unconditional lien waiver after making final payment.

Otherwise, any SFR will probably need a fair amount of rehab and/or be located in C/D neighborhoods.

.- Do you have 200-250k cash, or is that what you can get with your loan amount?

I did this and I found out that there is a surprising amount of people in my life that invest.

My CPA was unsure... do you issue 1090-NEC for the difference between 1099-K and 1099-MISC or do you double up the income (i.e. 1099-NEC for gross rents from PM, 1099-K of the net owner distribution on 1099-K, then owner reports double income and puts a line item expense for the 1099-K since 1099-MISC covers gross rents).You need a new accountant lolPM issues 1099-MISC, not NEC for rental income paid to property owners.You would still issue the rental income paid to the owners regardless of the payment method.The Property Owners should add an expense line item on Schedule C stating that income reported twice on Form 1099 to offset any duplicated amount.