On a smaller building this might be a bit tight, but as the buildings scale up I find that this metric is a good spot to be.

Why not do a cash out refinance on one of these deals?

A local Property manager manages them.

Seems like a lot of new posters to the site who have recommendations for sites here.

The transaction took over 3 months for a bridge loan just to be declined.

Starting with a turnkey cash flow rental is a great move for beginners.

Otherwise taking detailed videos and pictures for the contractor to get a good idea of budget should be sufficient to get a realistic budget. 

Start learning with books, podcasts, courses, networking, building a support system, and preparing for financing.

I'd recommend looking at other markets unless you find a really good deal! 

If a rental/lease contract is a legally binding document...enforced by collecting rent...or enforced by an eviction process if rent is not paid....then can there not be a document (legally binding) for a tenant to sign that would relinquish their rights as a squatter or due process of eviction...