i see a lot of people (outside CA) using ~$75/squarefoot for a gut renovation.

Follow instinct that also go along with budget , if I have an instinct and i have the budget, DO IT , and don't be cheap ..

remember your first home is not your forever home, it's your first rental so it doesn't need to be everything you want.look for homes where the bones are good, but cosmetically needs love. don't by pre 1960 if you can help it. you'll end up just having to replace all the guts like plumbing and electrical at some point. it's inevitable. look in areas where the path of growth is headed, but might not be currently. think 5 years out. look for resources like your local chamber of commerce to see what businesses are coming in and where. your city planning office should also be on your call list as they can help show where most permits are being pulled for development. follow the money. go to local investing meetups. crowdsource local knowledge and form meaningful relationships. those who've gone before you typically will help out and help you avoid the mistakes they've already made. onward.

I'm not sure the specifics of that market but my initial gut reaction would be that 90+ day stays may be a bit too limiting to make an MTR worth it. 90 days could work well with the average 13 weeks for travel nurse contracts but may limit your digital nomads, business traveler, etc bookings.

The key is to get comps of the area that fit your criteria, but getting a property that doesn't need a full gut job.

Purchase price: $160,000 Sale price: $180,000 Fully gutted duplex that ended up being a great deal for the buyer.

You said it’s a rehab, is it completely gutted, no cabs no existing floor finishes?

But it's pretty easy to find a contractor that is good enough to do the job.If I was looking to do a little lipstick remodel, I have 4 or 5 contractors I could call who would all be a good fit.If I was looking to do a gut remodel, I have another 2 or 3 contractors I could call who could handle that job.When I'm doing a luxury spec, there are 5 or 6 contractors that I'm talking to for bids on those jobs before I pick the best fit.Finding a deal on the other hand... you can't just call up a deal and say you're ready.

I've done a lot of work, but it also was completely gutted previously.

Indeed, not just Chicago but every major U.S. city & town throughout & across the entire USA has experienced THE GUT-DEEP AFTERMATH OF ALL THE FORECLOSURES CAUSED BY these foolish, racist-driven, so-called IMPOSTER financial experts in telling HUD to stupidly sponsor & support the creation & conniving/manipulative continuation of the Reverse Mortgage Industry, no matter how handsome TOM SELLECK or any other celebrity is!