What are some alternative or creative approaches to this situation?

A kitchen and or bathroom remodel is going to be much more expensive than a bedroom remodel.Using a Cost per SF can be a handy quick rule of thumb for estimating rehab costs, but only if you understand the Scope of Work, repairs, materials, level of finishes, etc that are included.Shawn does very high-end luxury rehabs in Los Angeles (correct me if I'm wrong), so his $ per SF values are substantially higher than what I am paying for my average grade rehabs here in suburban KC. 

That would be a creative and fairly easy way to get the most out of your rents.

Having said that investors can be very creative at manipulation of numbers to make themselves feel better. 

Do you close creative deals such as wrap-around-mortgages, or subject-to transactions?

If you can only afford a one bedroom condo then put up some temp walls or create a wall with book cases, etc in the living room and turn the 1 bedroom condo into a two "bedroom" condo with no common area, then get a roommate for the actual bedroom.Then in about a year or two, rent out the condo and at that point maybe you are ready to qualify to buy a house that's in a good neighborhood and then you move into that. 

Hi all.  I need a commercial real estate related slogan for a party with CRE folks.  Something relating to CRE and that says something to the extent of come by for drinks and fun, etc.  The party will be poolside.Here...

It's a 4 bedroom ranch approx. 35' x 65', so it would take a number of units.

Are there any creative ways to be able to get mortgage approval for additional property over time ?

My family also lived in a home that had a 1 bedroom apt built into the house.