It depends on many different factors.

The quote looks okay, but you just need to make sure that the building coverage amount is at least 20% of the loan amount.

Besides wear and tear on the building and furnishings, remember with MTR you are paying for all utilities, internet, and lawn care, unlike LTRs. 

I am building a home that has toungue and groove interior walls and ceilings. 

I am about to do a build that will have the Swiss coffee white walls dark flooring like dark grey stone, medium wood cabinets and a dark wood countertops with a dark blue epoxy river.

Two contributing factors are high construction costs and regulations that make obtaining a construction permit difficult.California already has a large housing shortage.

This will be my first apartment building investment.

Those are probably the biggest pieces, the rest is talking to other investors, surround yourself with these folks, build the relationships, run the numbers, get comfortable with the numbers, and start writing offers. 

We custom build homes for customers up to 900sq ft.

Basically it will look like a new build when I am done, so if my 30 day experiment fails we can sell the property next Spring.