Who decides what fair market value of the renovations is if he's not giving you a bid and charging you?

We're growing every year and keep signing more clients and larger ones.

-Currently own 2 rentals: smaller property (owned free and clear) and larger SFR (financed).

Once people can afford a nicer home or larger lot, they tend to move out of those areas and the local demographic does not change.

What is average cost to renovate a 2 bedroom apartment from to to bottom in a C class neighborhood ?

What is the extent of the renovation (how risky is it)?

I personally wouldn't invest in an area like that for several reasons, unless the area was big enough to support a larger property and professional management.For myself I only look to invest in large metros.

Also are you sure that they are doing it from a plot of C1 land or are they combining multiple C1 lands to not only rezone but to assemble to a larger piece.

I've invested in/renovated a number of single family properties in the suburbs of Philadelphia (Mainline), with values ranging from $400k-$1.3m and decided to tackle a significantly larger project 6 months ago; comps were incredible with high sale prices and very low days-on-market, it looked like a home run.The loan is under an LLC but with a personal guarantee; the renovations are complete and the house is beautiful, but the market has been unbelievably slow compared to the previous 3 years, on which our financials were based. 

In general, the larger the project, the more you'll realize the benefits of modular, especially with custom.