JOe is incorrect to think each person is the same. 

Then go price your labor plumbing electric, roof, finish outs, and landscaping.     

- get detailed scopes of work this way you know the prices of materials / labor 

However, the initial costs for land, labor, materials, and permits can add up.

But different loans will have different requirements and terms.Best Ever Syndication Book by Joe Fairless might be a good place to start with some basics.  

@Joe Carpyou can buy rentals with a DSCR loan, and they will not require W2 income like a conventional bankhowever, down payments will be 15-30%, so will use up your cash fasthow to scale as we sink money into each property is definitely a major challengei have done a couple successful BRRRRs that helped preserve capitalhope this helps

Lesson learned pay others to do the time consuming labor.

Quote from @Joe Villeneuve: You probably should have worded your question differently. 

Those two items added $6850 that included labor costs to our renovation costs.

I later heard but never exactly why, that the place was an absolute money pit and the buyer, who was very experienced, regretted buying it big time.It is interesting, but I ALWAYS do at least a bit of research on the prior owners and have found few "hard luck" stories, at least as far as either higher or high priced single fams go, they're by far the same story where the owner makes the financial decision to walk away, mainly due to the insane HELOC's etc they were giving out, like 125% of home's current value back in like 2006, so now they'll owe literally like $750k on a home that IF in great shape would at best fetch $500k, PLUS they trashed or semi-trashed the place, so they'd be really lucky to get $400k as is and often they may be business owners or whatever and have a relationship with a local bank who will then know "the whole story" behind the big hit they take to their credit score and not treat it nearly as harshly as the average Joe, who's practically banned from even entering the bank for years!