If the home is 100 yrs old, I'm assuming it's a definite gut which is going to require new plumbing, electrical, heating, cosmetics.I spent about $140K reno on my multi family in the heights on NY ave and there were massive problems with it but it was a gut to 3 units & adding 2 bathrooms, 3 brand new kitchens 4 bathroom reno in total, all new flooring, sheetrock , insulation, framing, doors, electrical, plumbing, paint, parts of roof etc.

I would allow for differences of opinions that are amicable, and even sometimes heated, as long as names and profanities aren't used.

Think of all the horror stories about tenants maxing out the heat with their windows open during the winter, deliberately running water bills up, etc. 

Not that I plan to live in or even visit the US anytime soon, but I don't want to deal with winter-related issues like heating, de-winterizing a home etc. 

With fees doubling and competition heating up, you might want to rethink this investment.

As for heat loss along the way why does it matter?

You have to consider insulation and heating/cooling too.

We are also temporary heat providers for most large construction projects in and around Buffalo NY, neither I nor anyone in the industry that I know if has been contacted about setting up temporary heat for this project which is normally one of the first steps before a project gets into winter. thats a nice cottage industry winter heat.. 

Here is a link to a recent allocation from Harvard's endowment: https://finance.harvard.edu/files/fad/files/fy23_hmc_letter....These allocations can help point out asset classes that are getting overheated versus those that are relative values, since the asset classes that are getting over-heated will start to show themselves in outsized allocations within your portfolio.

under mount granite or quartz counter tops.. water closet  heated floors ..