According to the listing agent I talked to, we estimated about $200k in rehabs to convert the 3 unit to modern, open concept units with 2 bath instead of 1, and having in-unit laundry hook-ups, but it's questionable if it will raise the ARV by $200,000. 

I’m a CAM manager in Florida managing 3 HOAs with about 700 units combined.

Will you just be rehabbing your own properties, will you be doing property management or self managing your properties, will you be acting as an agent helping others buy/sell property, or a combination of them all? 

Made it modern.

Goal is to use about 80k of my own cash, and combine that with a hard money lender.Thank you in advance to anyone who wants to network, help, or advise on how I can best make this happen.

This would be my first property purchase other than my own home, and though I had planned on getting started in real estate investing through maybe land flipping or buy and hold SFH, this seems like a good way to combine a desire for some shop space with potential for a little extra income.

Would it be acceptable to state in the policy that when a group of renters attempts to rent the house (i.e. college students, girlfriend, boyfriend, and a sister, or whatever) all possible combinations of 2 people must make enough money to equal 3 times the rent? 

These buyers prefer rustic modern (think Magnolia Homes) and, especially, if you go the extra mile to keep and highlight any existing historic home features (cove ceilings, please double check for batchelder tile on the fire place!

Yearly $11,184.2 employees earning $11/hour * 2000 hours/year = $44,000 combined yearly salary.$11,184 / $44,000 = 25%.Plenty left over for repairs, food, transportation, etc.

I'd do a combination.