@William CoetMany developments use deed restrictions to have consistency including type of building, size, square footage, materials, colors, styles, etc and have associations to make sure people follow the rules.

It's just not possible for them to know every area and stay up-to-date with current labor or materials....Best to get (hire) a couple GCs to do the estimating, based on a solid Scope Of Work that you prepare and give them.

There are many suppliers of building materials, and prices can vary greatly.

Its really hard for us to give you a good estimate without walking through your house and also seeing what prices for materials and contractors are in your neighborhood.

And yes most of the time its sight unseen and you don't know how much you will need to pay for the renovations costs especially if you aren't familiar with contract/material pricing.If you need to fully gut a 3 bedroom house it can cost $50k-$100k.2.

, truck to load it (later I bought a trailer), good camera (iphone can work too), Drone (nothing shoots land better than aerial pics and vids), marketing budget, rubber boots ( good for swamps and cold weather snow), rain gear, bug proof clothing, Sawyers brand repellent, a good hat, marketing material, letter head, computer, printer, filing cabinet, RE license, certifications. 

Just curious how Covid has impacted prices.Lead times for work have exploded but prices haven't gone up at the same rate.In CincinnatiGeneral labor is probably 40-50/hrPlumbing is 125 And electricians can charge 200+/hrThis represents the cost of everything except materials.

Also, the money saved from the guru courses can be put towards the purchase of a house.You mentioned an interest in three niches and I added guides below, as well as info on multifamily units.http://www.biggerpockets.com/renewsblog/2013/02/22/buying-rental-property/ (how to buy a rental property)http://www.biggerpockets.com/renewsblog/2014/01/07/flipping-houses/ (step by step guide to flips)https://www.biggerpockets.com/renewsblog/2015/01/31/ultimate-beginners-guide-real-estate-wholesaling-2/ (Ultimate beginners guide to wholesaling)http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/ (guide to buying a duplex)https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals) http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meetSetting up Keyword AlertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/inviteshttps://www.udemy.com/biggerpockets-real-estate-investing-course/ (video with 64 lectures and approx 6hrs of material)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

Plus, land costs / values and construction costs / materials and labor are dramatically different throughout the country, so a set standard wouldn't apply.For the sake of argument here, I refer to a term that I use quite a bit which is a "test of reasonableness". 

He said it all depends on the risk of location and the materials used to build.