Replacement cost.

The cost per unit is actually below average for Reno and maybe bit high for that location. 

We took over the property management because the owner was having multiple issues with a few of the "tenants" that have illegally sublet the property, and we are now dealing with the ripple effects (e.g. squatters, dogs, dispute with neighbors etc.)The landlord is cash strapped, and has asked me to go in on the property/deal with him in order to get a cash infusion to cover legal fees & renovation costs. 

In most cases your better off buying with "All Cash" and then you can use a "Delayed financing" program to get up to 80% cash back LTC loan to cost.

They will evaluate the contract with the builder and the budget, make sure it falls within market median costs, and set milestones for draw requests. 

We initially met with a couple builders my father has worked with previously and are currently awaiting for detailed breakdown of cost estimates.What would be recommended for taking out a loan for this build?

This typically costs money, maybe $.02 -.10 per record.

I paid cash, but borrowed 30k from a family member to cover some extra costs and renovation, the HOA fee is $135, and I pay my family member $500 a month until the 30k is paid off.

There are a lot of programs available to help with renovation costs being built into the loan on a primary residence purchase.  

What are the operating costs associated with this ?