I feel like I am paying more than double for lumber and millwork...

Reduce your scope and build up a relationship of trust (on both ends) with high quality candidates.Go to a lumber yard and talk to sales person and find out who they like the most (buys lot and pays on time)... 

Lumber, Railings, Sheetrock Material, Sheetrock Labor, Insulation and Misc.In this scope I planned for a good amount of sheetrock work, adding new railings and some insulation.

Most older houses actually are more structurally sound due to higher grade of lumber that was typically used back then.

Best of luck unloading this deal.

At this point, I am thinking that I will probably unload the property in a year or two... it seem that the prices are at or heading towards the peak so it is time for harvest.

Street parking only (we had exceptions when unloading lots of stuff from their car of course).You want them to be clear on what they must keep clean.

Ask your local code inspector if you can use Rockwool, it's a huge time saver if you can.If you're building new walls, expect to have to order your lumber a bit long and scribe each one of them. 

My total take home will be $2700/month after expenses (PITI, trash, sewer, water, etc.)Addressing the second part, while the property still has tax abatement, I may unload it after a couple of years since the property should increase in value due to my additions and the gentrification of the area

They thought I wanted to quickly unload the property but I didn't.