Purchase price: $600,000 Cash invested: $400,000 1950 drive-in motel. 90% gutted.

It is a 4/2.5, 2,500+ sf with a 1/1 guest house on 1ac in a desirable area of Jacksonville, FL and has an ARV of 260+.My gut tells me that there is a deal here, but I don't know how to capitalize on it.

I want to put the business into an LLC, but if I do I think that may cause issues with the refi option.This is a complete Gut job.

Aside from the fact that after about 50k of work (it was a complete gut.

Sometimes I have to go with my gut , this tenant is worth the risk

For very general estimates, I can tell you a full gut and remodel for a medium size bathroom is about 3-5k. 

See if they will allow you to attain a dumpster permit (a few days to attain usually), then you can gut the home in preparation for the new construction.

-rehab costs (lender advised me that for what I'm looking for, which is 3BR/1.5-2BA single fam to flip, cosmetic repairs only, no major guts, etc. it should generally be about 35-40K but was told to overestimate to be safe to around 60k)-holding costs (I calculate what I would pay monthly on my HML, I account for insurance, taxes, and utilities...in my specific area of northern NJ, are you entering for these amounts?)

Gut everything and replace What was the outcome?

I live in south Florida and just as a gut feeling cannot imagine properties in my area selling for much more than they are at.