I would at least try to make a basic tool so you understand what is happening in the calculations.

You don't need to know everything to get started; you just need a foundation to build on and the rest will come through experience and then refining your education.You can build a basic understanding of investing in 3-6 months.

Or you could just form a basic K1 Partnership and add adequate insurance....?

Perhaps you have a basement you could turn into a rental with a kitchenette, etc?

HUD has guidance on this.. here is a basic summary:https://www.google.com/url?

If a high end single family home is $200/sf, then couldn't a basic build be closer to $125/ sq. ft?

Not sure if I should go with a basic one from a website, or just use it as a rough draft and edit it on my own.Any suggestions?

Finally by the middle of December we completed the dig and within a few days had a basement in place.As you can see we had to cover the footings with hay to keep the frost out and allow the concrete to cure without freezing before we set the forms for the walls.A few words about financing: we bought the lot cash and had a construction loan set up to finance the build.

The main thing is understanding construction costs on a basement conversion like you are talking. 

If you have a chance to get in there and do a basic inspection then you can determine if you see something suspicious and want to order a more thorough inspection as they do give a due diligence period.