But I'm just trying to figure out how different factors play into each other and how to come up with common metrics, and learning what to look for to determine what a "good deal" means to me.

Some of the flipping gurus say that you need to get a GC to quote you work but if you are not buying multiple properties each year and using them, that is not fair to the GC and will not continue for long.As far as estimates, you also need to determine how much you can (or want to) do yourself and how much you will need to contract out. 

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I do not have enough information yet to determine in there is a large turnover, although I suspect that will be the case.Thanks,Marv

Of course, a bit of fear lingers regardless of my strong determination to dive in as soon as I can.

I plan to check with the village about splitting the two lots to determine if I could either sell the second lot to a builder, or if I want to get really crazy, hire a builder to build a second house.  

How do I determine the price I should list the house at? 

- How did you determine appropriate rent?

That is an a$$ move to prevent other from getting in for years to come.Yet the town is to determine which goes to what class and that could also mean a lot of folks have their primary residences rented which may allow for a couple others to sneak in after the new ordinance is in place, but I think that is highly unlikely.Either the VR sections will need to renew annually permits costing you $250 each year per unit.If you don't you lose a spot, If you sell you lose a spot, if you don't comply they revoke your permit and you lose a spot. 

I've been able to use the appraiser's determination of market rents.