After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

I actually got caught up in the creative finance bubble of trying to lock up properties way over their value just because it had creative terms not realizing that if you were to buy a property at 120% of its value you will never be able to refi or sell without paying out of pocket.

The ultimate answer is no (and I'm not a tax accountant).

That ultimately means their property value goes down, and around 65% of the Nation are homeowners:https://fred.stlouisfed.org/series/RHORUSQ156N  Great point Jake.

I realize I am not cut out for the entire REI process of consistently finding multiple properties for particular exit strategies. 

I'll also be attending the Momentum2025 virtual event next month.I'm trying to take as much action as possible but I know the ultimate action would be to close on my first rental property.Here is my question for everyone. 

A friend of mine had a similar journey - they turned their old home into a rental property and soon realized they loved managing tenants and exploring ways to add value.

I seriously looked into purchasing a few years back in Valencia but decided ultimately the US had more potential.

Does anyone know how insurance companies evaluate these properties and whether or not real value can be realized for insurance for renovation? 

@Kasey Hardt very interesting,  didn't realize this was a pattern but even I've got friends that are getting recruited to the area for medical device startups etc, so could be a very interesting trend to watch.