As mentioned in the other post, deciding what your true goal is as well will help you choose a market.

A beautiful, redeveloped apartment complex that is affordable to the community with A+ finishes

., Both are good options, and the true answer is which properties become available to you and which strategy best fits the properties you can find. 

At a bare bones minimum, the letter confirms the start/end dates of the lease, monthly rent, paid-through date, absence of any prepaid rent other than the current month, and security deposit amount.Better, it will include statements there are no unresolved claims or disputes or repair issues with the current landlord, and no verbal or written side agreements.Better yet, it will include a copy of the tenant's lease, and a confirmation the lease is a true and correct copy with no amendments.

I’m sure the same is true of Destin - when you have thousands to compete with. 

For a lot of things you can just look up material costs and assume the same for labor. 50% material and 50% labor holds roughly true for the entire project, at least for me here in Milwaukee, your labor cost will probably be higher in the Bay Area.100-125k spread would be tight, even for me here in Milwaukee.

Beautiful!

They will need to make double what my wife and I make to keep the same lifestyle.Then I'll meet a 25 year old computer scientist on here (true story) and he has 180k saved and tells me he can get more don't worry, and I say what the hell did I do wrong?

This is even true for student debt.I recommend the old-school, proven technique of paying off all debt.

@Ken Halef very true that's it hard to find something worthwhile on market these days.