YMMV.I bet there are some other folks on here that are more active than me can give you some good ballparks on what contractors are bidding labor at.

@Karsen Wynn Even if you find a part-time job, they are going to want a two year history of you having part time employment in order to give you credit for that income.Your best bet is going to be to go through a Non-Prime/Portfolio style loan where they are approving you like they would a commercial property - based on cash flow and some other metrics that do not require you to have income.

I think if they lived here in the US you probably follows the rules like you said, it passes to you with a stepped up basis but if they died in another country all bets are off, I have no clue.  

Simply put replacing the dishwasher or AC unit in a property yielding $600/month versus one yielding $100/month costs the same in dollars for each but is a larger percentage of rent in the cheaper property.

Like many investors have said it is very hard to cash flow in Austin anymore and your best bet is to get your return from the appreciation.Just 90 miles south you have San Antonio.

Cool adventure bet the kids loved it.

There are many benefits to using this loan and we will list those below- however please keep in mind that a licensed mortgage originator should do a full analysis to see which renovation product is right for you and your family.Here are some highlights of the Fannie Mae Homestyle Renovation Mortgage: Perform almost any type of improvement or repair including luxury itemsImprovements and repairs can go up to 50% of the after improved valuePrimary residences, second homes and investment propertiesOne- to four-unit homes, condominiums, and PUDS30 year fixed rate mortgagesAs little as 5% downNo mortgage insurance for loans with 20% equityReduced mortgage insurance for loans with less than 20% equity versus a 203kAdditions and second levelsSwimming poolExterior spa or saunaBuilt in BBQ island and outdoor kitchenBuilt in outdoor fireplaceTennis courtsGeneratorand really anything else you can think of!

  $60 Turbo Tax versus $600 for a person. 

You'll pull mortgage records for the last X amount of days, and look for regular people's names versus say Wells Fargo. 

As a short/medium term furnished rental, wherein you are targeting white collar professionals in town for 1-6 months (instead of AirBnB party animals that might trash the place), I bet it wouldn't be losing $600/mo as a rental.