Start small by buying a duplex or single-family home with minimal renovation and in good rental areas.

This requires the right renovation components and speedy make-ready after a tenant departs.

Quote from @Jake Hughes: How long do your renovations typically take when hiring a gc?

I currently have a 5 unit 3 of the 5 units recently completely renovated and demo is almost complete on the other 2), a duplex, and a single family home (our house, future investment home though).  

Through PHA sources, the article indicates the renovation will cost $112M, twice the initial budget.

No matter where you choose to invest, please keep in mind the following (copy & paste):--------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a Class A property in Class D area, what quality of tenant will you get?

Renovated the full property What was the outcome?

I think it was $7.5M.  51% of our investors formed a group, took over the property, completed the renovations, and sold the property.

While the renovations look solid, this price jump seems steep.

If you're worried about cash flow, put enough money down so that a current estimated rental price after the home is renovated will cover the mortgage and property manager costs.