Thank you guys for your opinions and useful data points to consider, I'm updating my cash flow estimate accordingly.

@Leon Lee -- do you have a closing cost estimate or something breaking down all the fees?

Offer to pay a GC for a site-walk and written estimate....

Joshua,The Replacement cost is estimated by most of our companies using a construction estimation program.  

Wondering what type of questions we should ask the agent upon walkthrough, What to look for specifically, and how to estimate cost of rehab?

As far as we know, it was installed when the building was originally constructed, which is estimated to be in 1965-1970.

Find like properties and look at their calendars to get a sense for nightly rates and occupancy.Keep in mind that cleaning fees are a pass through cost to the guest.Other costs like taxes, insurance, and bills you can estimate ranges with some level of confidence if you ask around or build relationships with agents/investors

Current estimates are around 3-5million (some say higher) for total restoration.

-Estimated home equity 90,537(could be more with upgrades after appraisal).

When I first applied I estimated my home value at 390k which would give me a line of credit of 62k at an 80% loan to value ratio. (390k x 0.8 - mortgage balance)The appraisal came back at 420k which great news however when I requested that the limit be moved up to 80% LTV of the appraisal amount (86k) I was told that the loan commitment had already expired so in order to get up to 86k it would need to be a new application and also I would not get the promotional interest rate of 1.99% for the first year.