So for I've just ran numbers as if it were a traditional wholesale deal.Thanks and hope to hear some helpful tips soon!

My dad actually did that in the Midwest and doubled his money on the exit 3x (sort of like what poster Christian did).I'm still a property virgin and am thinking of buying some 1-2 bedroom apartments in the downtown or outerlying commuting areas of major cities in the US & Europe.

@Christian Carson may be able to shed some light on this.....

Your income and cash on hand will be your most limiting factors with traditional or portfolio loans.  

It varies from state to state, but in my experience it must have a traditional closet to be considered a bedroom

@Christian Sgrignoli First off, congratulations on your new investment!  

Most likely cheaper to convert office space rather than rebuilding .At the same time there is the trend of less people working in traditional offices .

@Bruce Ellerd - Why not rent out the house in a traditional manner? 

Most traditional mortgage financing today ultimately comes from Fannie Mae and Freddie Mac, so lenders underwrite to those guidelines.

Do you just figure a flat figure that covers a traditional renovation (i.e. new floors, paint, appliances, cabinets, counters, baths etc.)?