strictly read, the city of Austin requires a permit to spray foam insulate around an outdoor water hose bib...because it improves or repairs a structure.  

@Alexander Merritt   IMHO low end rentals are only suitable for local investors that are in the landlord business and are going to scale up and own as many as they can get 100's have your own PM and maintenance and that's the ONLY way in my mind that stuff will work over any amount of time.buy the best that you can if your just starting out.

Quote from @Joe S.: Have you ever noticed that people can send you a picture of themselves and then when you see them in person you think they look a way different?

That shaves 4-6 weeks off the process. 

The piece of furniture you see on the right is a Murphy bed cabinet (with an oddly super comfortable memory foam mattress).

Zinus Green Tea 12" memory foam.

Although there are companies who use lower standards (paneled walls, presswood floors, etc), the companies I have worked with in Florida use higher end materials like tongue and groove plywood floors, 100% drywall construction with 2x6 walls, spray foam wall insulation, granite counter tops, etc...and then we delivered them in 2 pieces via semi truck (or as many as 8 pieces depending on size and number of floors).

You might be able to shave off about 1 point or so.

Buy a lot of these if you renovate plastered houses.Learn how to use a block plane to shave down wooden doors.Don't ignore hearing and respiratory PPE.

If you find a hole in foundation plug up with steel wool and the spray foam stuff.