@Robert Tinker, as you will find, there is HUGE variance on this.Full gut for me: about $75/sf (but this is all licensed/permitted, often adding baths, reworking kitchens, opening up space, new electric, plumbing, often roofs, etc.) 

Tenant is responsible for all costs to complete, remove and rework, or otherwise deal with unauthorized repairs or improvements, NO exceptions.

Meaning, if you want to retire start setting things up in the beginning to make the business run by its self eventually, instead of just owning a job and having to rework everything again later to actually achieve your goals.  

@Alexander Ryan-Bailey - how did you go about re-working the lease agreement with the property owner to be able to rent it out as an STR? 

Hi team,I'm wondering if any experienced flippers/rehab teams can provide me some rough estimates.Home purchase price, sitting on 2-lots - 350k2100 sq. feet, built in 1930It needs the following:New roof + skylights and wood where neededNew siding (where it's currently wood) ~ hardi plankPainting brick whiteNew windows throughout ~ some can be used but rather just update themNew interior and exterior doorsRebrick (cosmetic) fireplace stack & cap Brick fireplace rework interior + electric fireplace insert HVAC appears to be modern with duct work already completed, likely just needs to be repaired / cleaned up (hopefully)Electrical, most of it appears to be updated, I do see some fabric wiring.

I understand how non-performing note investing works and the different exit strategies.A few questions:- Do you need a license to buy, rework and then either sell or hold these reperforming notes?

I get that you may be able to get more rent, but when you want to sell, you may need to spend money to undo all your work.Second, is the property easy divisible into a duplex.  4+2 does equal 2x 2+1, but if both bathrooms are on the second floor and there is only one staircase, you will either be building another staircase (major structural change) or building a second bathroom (plumbing rework).  

However this set of circumstances simply is not going to replicate itself going forward, and anyone whose claim to fame is having bought something with absolute maximum leverage in 2011 and having it happen to work out is going to have to rework that business model going forward.

It's their thoughts, feelings, desires and pain that motivates them... and the person who can empathize and see things from the prospect's perspective is the one who will win the deal.One of the biggest parts of my job is reworking copy that's been written already.

Two is if you paint, I will charge you whatever it takes to repaint it back to the original color PLUS any other damage/re-work that may be caused by getting paint on the ceiling, the trim, the outlets or the floor.