I am not necessarily scared of the age, but more so weary of the cap ex age and building materials.

with the market flat, contractors booked up, materials expensive and tremendous competition for deals it is very, very difficult for a new investor at this time.i've used hard money and also bought with cash and then financed the rehab.

I have not heard of an extension as of yet.Your 100 hours is related to material participation for STR not the real estate professional status, they are two separate items but in a way can be connected (kinda).I'm not sure what you mean by "sell it for no bonus depreciation recapture" because you are required to take depreciation, if you don't the IRS should calculate your tax as if you did.Your head is in the right place and I wish you luck but would highly recommend consulting with a tax professional before proceeding if this is your plan.Best of luck Dennis!

They used the exact same estimation software for construction labor & materials as my insurance, and got together to agree on the scope before work started.

Knoxville seems to have some material damage, just have not heard all details yet.

The high initial ballpark ranges might also be a way to buffer against future increases in labor and material costs.  

Lubbock has a low barrier to entry and has several backup economic drivers by being the primary hub (agriculture, financial, healthcare, material goods, transportation, entertainment) for an area the size of most states east of the Mississippi.

The best thing to do would be to consult an attorney, but likely, that is not an option for everyone starting out.I'm not an attorney, and this is not legal advice, but some of the information that we include in our contracts is:- A clear scope of work - Payment schedule / Milestones- Change order approval process- Allowances for finished materials- Reasons to terminate the contract- Expectations for start date (X amount of time after final plans /permits are received or X amount of time after the contract is executed)- General schedule and timeline (This is where you could specify an end date - however it may be better use incentives rather than liquidated damage if your general contractor is late - we've done both, but found General Contractors respond better to getting something if they get done early instead of being punished for being late. 

Is there any recommended material I can absorb to help me achieve my goals?

The 10% is probably for ordering items and being there when goods arrive, unboxing and removal of packing materials, assembling any furniture that needs it, placement and moving things around, putting up artwork, and washing new plates, silverware, cooking pans, coffee carafe, prewashing all sheets, towels, and linens etc.