Any insight on whether the ROI would be worth it or other considerations I am missing would be much appreciated.I have a similar looking 3rd floor space that I just finished making into an office/bonus room.

The house will stay in my father's name for now, so we want most of the repairs to be paid by him for depreciation purposes (he will be doing cost segregation and taking bonus depreciation later this year).

The property's location and the scope for transformation made it an enticing investment opportunity.

Appreciation is "bonus".

I agree that AI will transform this industry.  

It creates shopping lists and little bonuses like that so it has a few more things than the spreadsheet that comes with your Flipping/Estimating books.  

Bonus depreciation doesn’t count against your income calculation.

The main house is completed and as far as labor, I spent $40,000 on just labor and that includes everything from full gut demo to finishes.We are talking about a 4BD, 3BTH two story 2400 ft.² home with a bonus room.This was a full gut job, replaced…12 Windows (new construction)2 sliding doorsTook out all carpet throughout.Took out this ugly 2” thick tile from half of the downstairs portion.Removed popcorn throughout the entire houseTook one wall downA little framing workReplaced entry door 80” x 92”Drywall patchingSmooth drywall work50 recessed lightingAll electrical neededAll plumbing neededNew cement walkway instead of one walk to the front door I created two steps with two lights in each step.Install kitchen cabinets, excluding countertopInstall all three vanities3 bathtubs with one being a modern standalone tub in the masterAll tile work (bathroom wall & floor, kitchen backsplash)Installing of all hardware, faucets, showerheads, etcInstalled 8 single panel doors with hardwareAdding self-leveler after tearing out that thick tileNew LVP flooring throughout the entire house except bathrooms,all baseboards, trimsPainting the entire house, painting all the doors, painting the outside trim.Reframing the outside balconyReframing the fireplace to install new linear modern electrical fireplaceand they took care of the two trash bins.I mean, completely redone.The only thing that was not included in the $40,000 is landscaping, counter top cut and install and of course the ADU which I’m currently working on now.So my question for my fellow investors and contractors did I pay too much?

It's available on BiggerPockets bookstore and comes with a ton of bonus content, too!

Other times, capital is tied up (like 1031 funds or from a previous sale or expected bonus, or timing for w2 to season or 1099 self employed to season..) for a few months.