We will use top quality material, as in some of the other recently renovated houses in the area.Due to Coronavirus situation, I've heard from some investors and brokers that banks will raise interest rates and house prices will go down as soon as in 2 - 3 months.

My concerns with Elmhurst have been the potential quality of tenants (still mostly students I assume), my preconceived notion that rents were lower over there, as well as specific zoning laws.

His value for the finish quality was $50k.

I would consider is that vacancy rates for that area are ~10% and to get a high quality tenant, you would need to be on the lower end for rent for that area.

So I'm trying to apply the BRRRR method and I came across a speed bump of my DTI. 

I have also developed good relationships with local contractors and know quality workers. 

Remember from earlier, rates/leverage/and pricing are based on "supply" and "demand" of capital and there was an extreme "flood" of capital into the market, all while quality deals were becoming scarcer.

Barrack's expertise, what I found missing was a mechanism that would cause the banks to make a choice that was against their long term best interest, that is not to restructure what other wise are quality loan(s). 

Even if you could boot a tenant, I don't think you'd have the best luck finding a quality one at the moment. 

On the other hand, if you're planning to go pro, you might want to gear up with the top quality up front, despite the high price tag.