In a text book case you'd buy a property for half of its ARV (after repair value) and then spend 25% of ARV on rehab and generate 25% equity.

Even completely self-serve laundromats require daily cleaning and light maintenance.As far as time costs, expect to spend time each week troubleshooting equipment issues, routine maintenance, cleaning, and handling customer issues.

Why are people going for $10M or more, which is at the point you'll have trouble spending it all. 

. - All they've got to learn is to save some of their income to pay their bills on time and they could then afford to buy a home.Instead, they spend every penny they make on things they don't really need and then blame everyone else.Take a look at a Class C or D tenant's bank statement to see the frivolous things they spend their money on and you'll better understand our society's biggest problem.

Quote from @Terrance Brewer: Quote from @Tim Delaney: I am an audio learner, so I spend a lot of time listening to various podcasts that BP puts out.

Additionally, I've been spending a lot of time evaluating condo / HOA management solutions and accidentally stumbled on ManageCasa, which offers a free trial and < 3 unit free tier that has allowed me the time to get in, kick the tires, and really appreciate their attention to detail and broad feature set that adapts to each unique industry sector.

Spending $1,000 to start the process can be worthwhile if you’re clear on the steps needed to reach that point.As for renovations, the approach really depends on your goals and the scale of the work.

Any feed back is welcome 

There is still a risk: You do not have the right outprice and lose money, your deal goes south due to unfound things when you bought it, then the rehab phase brings them up, and you spend more, and the market changes, which is something that can happen on a moment's notice.

Class C stay indoors, don't answer the door for solicitors, and don't spend a lot of time with neighbors.