When you are first starting out, you should probably buffer an extra 20% on top of your renovation budget to cover incidentals while you are learning the true cost of flipping.When you do all these things (conservative estimate of ARV, additional 20% estimate on construction costs, using a conservative 0.7 multiplier in your estimate), you are unlikely to lose on your first flip (but it will be harder to find your first flip).  

Started my journey in Rich Dad education and has lead me to note buying and selling.  

You start with $30k income (or whatever your number is) before depreciation.A.

I’d start by figuring out the cost of the cosmetic updates and seeing how much you could rent it out for.

Are you able to start investing in your hometown instead?

I renamed it to whacka-con-artist.It’s still a LOT better than it was when I started on BP in 2009 and every other post started…….I have a MANDATE in which I’m third from the broker of record for a loan pool worth $500 Trillion and I want 2 points for myself in compensation for posting this ….. 

But start with his goals not yours. 

Or can I start building/developing on the land now since it's in one of Alabama's designated opportunity zones?

Might start here: http://www.leg.state.fl.us/statutes/index.cfm?

Start free by studying top local listings for lighting and cozy vibes, as John suggests, then add a Cleveland twist (e.g., skyline art) to create an experience.I manage STRs and mid-term rentals in North Atlanta (North Fulton, Cobb, Gwinnett, Cherokee, Paulding).