Another issue I see with older homes is the layout and functionality is tough to manipulate even during a full gut.

1.Activities That CountTo meet the material participation criteria, you must log your hours in a detailed and ongoing logbook throughout the year.

It's always a tough call on whether to just do a day trip or pay for a rental as the costs of a nice rental can add up quickly.The TL/DR (which I'll expand on) is that we ended up changing to a strategy of letting others help pay for a cabin that we know we'll love.

The primary form of diligence we see on the forums is "what do you think of XYZ sponsor and deal" whereas the common form of diligence in the space by institutional investors, large investment groups, family offices, and sophisticated investors involves following the sponsor for years, underwriting the deals, validating rent comps, background checks on the general partners, and a host of other diligence that materially de-risks the investments.  

What type of insulation material are you going to be using?

Mostly on trade accounts with local businesses for the materials, some business credit cards, some of the contractors were OK with waiting 30 days for payment. 

Also, I'm not sure if you are demoing an existing structure, if the structure is freestanding, etc, but this will obviously greatly affect your overall budget.For our project, most of the material prices are in line with expectations, but where we've been shocked with recent increases is the soft cost. 

in state BRRRR is tough!  

Union City I tend to avoid, there are a few pockets that work for MTR but for the most part the city's rental laws make life very tough for landlords. 

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