If it sells for what it is currently estimated at, we would both be debt free (or close to it).

The 8 month rehab estimate came from info I was able to directly garner from speaking with my buddy Choby's own licensed contractor who has worked on several of Choby's personal properties similar to this one.

The key to success on these deals it o accurately estimate your rehab budget and the time it will take to get the rehab done.

If I rent to travelers I will need to have it fully furnished, which I estimated would be another $10,000 to $12,000 when you figure everything from wash clothes to beds and couches.

I will be looking for the best mold professsionals to give an estimate/identify the cause.  

Add the estimated cash flow from the future multi-family and the lower cash flow from the current property after the refi and (presumably) higher rate.

Rough estimate is about $9,000 remodel.I plan to hold these properties for the long haul, at least 15 to 20 years, unless I do a 1031 exchange into something bigger/better. 

Anyone have good contacts I can connect with to discuss potential project designs and corollary estimate PSF construction costs in the current market? 

It's also important to estimate repairs correctly.

@Michael CavitoloUse the FHA loan to buy the best 3-4 Plex you can and live in it.An example I recently saw someone do.Price280kConcessions2% of closing costsVarious small repairs $700Roof repairs $1650Cash to close $4500Renovation costs estimate $9000 (if you do the labor yourself) ($23000 if you pay a contractor)Setup4 1 bed 1 bath units Current rents $500 ea unitMarket 750-950 depending on renovation levelInterest rate 2.325%!!!!