Here's the way that I look at it.Almost every asset class has some level of unpredictability or volatility this includes the housing market.

Tell them what your experience level is and what your goal is - be up front. 

For Hard Money, most lenders will have varying rates dependent on your experience level. 

@Jeremy Blackburn it is in the Garden District area of Baton Rouge (not quite on the level of NOLA's Garden District in terms of history and architecture!)

While making it livable is obviously necessary, maybe a few things that could be added to keep appeal in mind- basically putting you in line with area comps/level of finish.Good news is that there are a few updates that can be pretty inexpensive like paint and carpet- although carpet isn't usually a go to in recommendation for a rental , but I realize that laminate is more costly. 

-Townhome/condominium sales shot up 112.7 percent and reached record-level pricing with the average price up 8.8 percent to $246,940 and the median price up 11.0 percent to $200,000;-Single-family home rentals fell 3.4 percent with the average rent up 11.0 percent to $1,960; -Townhome/condominium leases rose 15.1 percent with the average rent up 8.0 percent to $1,688.

Most mentors are good for getting people energized - Good mentors work with you step by step to get a house or two and teach you how to move along on your own - Great mentors teach how to buy and manage the properties, set up "systems & methods", along with providing other high level contacts, tax planning, asset protection & generational wealth, strategies for changing markets, and changes in the law.     

They will also be able to help you tell a good deal from a bad one and can help you learn how to estimate your repair costs, marketing costs, estimated time on market etc.Your experience level will go a long way in determining how things go.

(With sort of the Penthouse level in 700 7th being an exception there because of the dramatic vaulted ceilings and views).  

I want to pursue building a fairly basic mountain/cabin style house on a full basement with (hypothetically) 2 beds 2 baths on the main level and 2 beds 1.5 baths on the basement level.