We have had 4 MF acquisitions (14-16 unit ranges) in California in the past year and there is definitely upside if the right deal can be found. 

$40k range?

Since I have started paying attention around 4 years ago, my market has seen real vacancy rates in the low to mid 3% range... your market will obviously be different. 

This can range from how you budget your personal money to save for your first property (or additional properties) and/or how you keep track of your income properties?

You'd be looking at 4800sf if you get the full benefit of the upside, and you'd you see $3.85M (Not too long ago people were paying $1k psf... but you'll never see 4.8M out of this property... at least not this go-around) ~ But I always look to add a big cushion on the reno side, hence my $800K-$1M range in initial post. 

What the IRS does stipulate that all activities of the plan must be for the exclusive benefit of the plan beneficiaries.The IRS recommends the following criteria to determine if a plan’s policies are for the exclusive benefit of the plan participants: The cost of an investment must not exceed its fair market value (FMV) at the time of its purchase.A fair return commensurate with the prevailing rate must be provided.The investment must be sufficiently liquid to permit distributions per the plan terms.The safeguards and diversity that a prudent investor would adhere to must be present.So put that in perspective relative to the lending arrangement you are considering.

It is a duplex I plan to house hack.The unit that I will be renting needs a kitchen remodel (but comes with Fridge and oven range).

It ranges from renting spare rooms, to renting units in a multiplex, to AirBnB the ADU in the back yard.  

I'd like to join a team that does the full range of investing from finding, analyzing, buying, fixing, flipping, holding, rentals so that I can be fully immersed in the business.

Nothing in what Nik posted rang disrespect.