Putting that amount into it will only increase the loss.

Sometimes it’s about finding the right partner who sees your vision. 

Tax free appreciation and rents significantly trump the loss of depreciation and custodial fees.

I lost money (opportunity loss) but I gained a wealth of experience. 2.)

After some research online, I am reading that the cost per square foot on a gut renovation of this nature in Stamford CT is anywhere from $150-$350, which is ultimately not very helpful, because at $150 per sq ft, this is a very appealing project with a total profit of ~$175K (46% ROI) and at $350 per sq ft, it very much isn't, because it would be a net loss of 83K (haha).QUESTIONS:What can I do refine my estimate a bit given that I am not allowed to a formal inspection on the property? 

Keep in mind it is a risk and speculation, if something happens(market tanks, job loss, etc) then you will be out money.

I did one house I may end up taking a small loss on, we'll see.

Having a vision for future projects like the ones you mentioned are great, but learning the ABCs of RE with a small investment (initial down payment - since you only need 3.5%-5% down on a primary) is the best way to sharpen your skills.

It's a small place so I'd guess it won't rent for enough to cover your expenses anyway so I'd probably sell, especially if the loss is small, it unless it's in a great neighborhood that you think will do well over time. 

Returns are great if you get a good area and build a solid team but thats going to take some leg work in picking the right people that see's your vision.