Those that have done this please feel free to drop some knowledge!

If there are no changes to the space the rebuilding costs should be the same.  

You can check out the application I built that helps investors, specifically real estate investors find homes in their area.

The city quoted $15,000 for five additional meters, so instead, I added $50 per month to the rent to cover the water costs.

Another option is you could get a construction/bridge loan.My sense is thebuilder wants money upfront and insurance is saying no - which is typical in commercial deals where contractor does not get paid until work is done - none of this upfront stuff except for some mobilization costs.

Thanks in advance and if I was confusing in anyway please feel free to ask me any questions and I'll try to give more detail!

Feel free to DM and I'll give you my two cents

You'll also want to ensure you have a good property manager to look after the upkeep of the property if you are not there to notice anything deteriorating or which may need attention.Creating an LLC in California could cost you a minimum tax of $800 every year.

The LLC will be renting the property from my father and he is willing to share some of the cost for the rehab and upgrades.  

But you are effectively putting yourself into more debtThere is good debt, and bad debtStudent loans are IMO bad debt - yes you get a degree that gives you a good paying job, but it costs you money every month to hold that debtReal Estate debt if used properly can be good debt.