Hi all,Situation:  finishing 100% short term rental on second structure on property of current home. 

If an investor plans to create value by renovating units, it will be especially important to know the details related to the renovations and the overall cost.TIP: Request an inventory of unit finishes, upgrades, appliances, and systems.

I just finished "The Hands-Off Investor," lots of great info in there. 

I had an electrician come to give me a quote and he is saying its about $7k to replace everything including the electrical box outside, install a copper grounding rod, work with the local electrical company and arrange permits and building inspections from start to finish. 

Then finish it up with a call to 2-3 local property managers.

Just finished reading How to Invest in Real Estate: The Ultimate Beginner's Guide to Getting Started by Brandon Turner and Joshua Dorkin.

I just finished "Rich Dad Poor Dad" and am wrapping up the BP "How to Invest in Real Estate the UBG to Getting Started," actively listen to the podcast, have David Greene's "Long Distance Real Estate Investing" cued for my next read, and look forward to becoming more educated on the subject!

I'm almost finished with the necessary turnover and facelift on the property.

Home was 1600 sf, and we added 1200+ sf all on one level, and went for high-end finishes.

. $400,000 total), someone could buy a 16-unit building for $5.46M and renovate to be all in for under $6M with finishing surfaces close to what you are proposing for your new construction.Now, if this allows them to achieve the same rents as what you are proposing, then you can clearly see the problem - their valuation, all things equal will be same as yours.