@Philip Beckwith, I disagree with some who think this should only be attempted for larger gross errors and also that you need to hire a company to do it.

Renovating usually means you need money to renovate.

We had to bring the 1925 house to 2023 code which involved un-installing 26 windows that were already nicely installed (in appearance) in the house, reframing them to 2023 standards (at the time) which also involved strapping the bottom of the wood framing with metal straps (mind you this all after we had already completed the inside renovation).  

Tough last name to have in the land of the Golden State Warriors ;-)I have a client in Kansas City, MO that has done something similar with one of his larger homes.

Purchase price: $136,000 Cash invested: $90,000 Sale price: $260,000 full renovation from studs What made you interested in investing in this type of deal?

An easy flip at 7-10% return might be more lucrative than a larger project that takes longer and more chances for cost over runs. 

Not sure if this appeals to youJoint Ventures: Partnering with a larger hospitality group or another investor might not only bring in funding but also expertise and industry connections. 40% of a deal is better than no deal.

It's doesn't really sound like you are much into being landlords so doing a 1031 might just change from "annoying when things come up" to full fledged head aches when you buy more and or larger properties in your current market.

With regard to renovations, I always suggest taking incremental steps to bigger renovations or partnering with someone who has already done a renovation at that level.I've been known to just go for the big rehabs for my personal investments here in Chicago , and during that process, it's always more stressful than it needs to be...As far as navigating the competition, I've found the best thing I can do is get EXTREMELY CLEAR  on what I am looking for; then I am confident pulling the trigger quicky. 

A 4 bedroom would have you competing with larger condos or townhouses with pools, a much lower rate of return.