If so where would I start if I have no experience in estimating renovation cost and no connections with contractors?

I am in the midst of doing something similar, though I am paying cash for the renovations and completing them over time.

It's really a question of being able to see the potential of a building, navigate rent control, get your buyouts handled BEFORE removing contingencies, and renovating in the right aesthetic to extract the highest rents.

You might have to calculate some extra days on market, especially if your home isn't renovated competitively with the market, but it will be well worth the wait. 

Hi @Joshua Carrell,Do you ever work in the renovation financing world? 

I have a very good day job which has allowed me to pay for renovations on the 4 unit(borrowed 100% on the purchase of the 4).

How much would it take you to do that renovation?

In fact, I will have to add some more of my thoughts to this post later because I recently closed on my first non-primary residence REI property and have some renovation work to do.

I would consider hiring an appraiser that appraises for 203k and other renovation financing, and have him appraise it based on anticipated future value (this is how they ALREADY do renovation appraisals, so you're getting someone that knows how) for TWO reasons:1) So you know what you're going to get out of this at the other end of the tunnel in terms of value.2) I'd ask him to comment specifically on zoning stuff, and if the property will conform to fannie, freddie, fha, and VA guidelines.

Seller renovated this property before putting it to market.