I'm almost finished with the Ultimate Real Estate Investing guide.

Also, homes have a different kind of finish out and commercial GCs are on a completely different level than residential GCs.

It is most certainly a nice guys finish last type of industry.

The 1920s built property has two highly out dated units that will need new wiring, possibly new plumbing, and cosmetic work, while the third unit is completely gutted to the studs and needs a bottoms-up finishing.

We started with a live-in flip of sorts before kids, but didn't finish until after the first one. 

Let me know if that answers your questions or no  @Casey Christensen  - total newbie question here, but when you finish the reno, how will you go about getting the property reappraised? 

don't agree to any hard finish date otherwise he may ask for penalties after that

It would be under market value for sure because finishes and fixtures are old AND repairs are needed.2.

If the house was in a hot area, 2 beds, might be OK for a homeowner, but the fact that the house is in such bad shape tells me you're not in that kind of neighborhood.So, you're exit strategy is probably fixing this to rent, which means it won't be  using extreme high end finishes and that will save you some money for materials.

I am about to start a rental rehab in which I will use LVP for the living room, dining room,kitchen and finished basement with carpet for the steps, upstairs hall and bedrooms.I tried a metallic epoxy floor for a basement earlier this year in a rehab.