If this is in California, you plan to use super high end fixtures, and hire artisan contractors, with all permits and all issues accounted for, you're probably looking at about $400 per square foot.If this is in Atlanta, you plan to use the lowest end materials you can buy, hire day laborers, not pull permits and ignore any issues that are not purely cosmetic, you're probably looking at $10 per square foot.If you're somewhere in between, probably somewhere in between.Long story short, there's no way anybody will be able to tell you how much the renovation like this will cost without knowing specifically where you are, what type of contractors you plan to use, what level of materials you plan to use, and what the specific scope of work is.But, if you check out the BiggerPockets bookstore, they've got a great book on estimating rehab costs and the methodology that goes into figuring out how much it should cost.

What makes a self-directed IRA custodian different is that they are not purely connected to the public exchanges and limited to investing in stocks, bonds and funds, but rather have the staff training and paperwork to document the IRA's investment in the more individualized transactions that occur when investing in real estate, notes and other non-traditional assets. 

If it is purely knowledge, there are a lot of free and paid educational courses out there.  

If you're a pure cash flow investor, it can make it pretty tough.

So - your prices aren't going to necessarily make sense from a pure investment perspective - and the sellers don't really care.

. - This option is where an investor decides to get into commercial syndication by pure sweat equity or hard work.

Purely accidental @Shane Willcox :)

You pretty much explained what your are getting into.Its purely a cash flow deal.

The second families’ rent will be pure profit.  

My statements were made purely from the past 18 years of renovating properties and having a pretty good eye for estimating costs.