"by the dashboard light" - not so strong an indication - why? 

3-$12k for a reno is very light are you confident in that number?

That might light a fire under someone. 

Step #PhaseStep1DiscoveryTalk to experts and learn (process, tips, design tips)2DiscoveryCreate social media and document story3DiscoveryGeneral research - budget considerations, financing options, permits, regulations, tax considerations4DiscoveryMarket research - competitor analysis, analyze guest reviews, market trends5DiscoveryGather ideas/inspo (blogs, articles, youtube)6DefineCreate brand and vision7DefineCreate guest requirements (e.g. coffee maker, natural light, near activities, etc.) and prioritize must have, nice to have, etc.8DefineSketch idea for look and feel (architecture and design) - map out the floor layout9DefineConsult an architect (is this needed?)

I hope it also sheds a light on some of the challenges faced in real estate.

I would take that money and do one of a few things with it:1-Look for a JV partner to do a larger deal with2-Keep learning about the market and investing as a whole and sit on the money until you have enough education to leverage it3-Use the money to set up your real estate business and buy leads & marketing betting on yourself may be the best of the optionsAlso tread lightly around the leave NJ advice places like OH, Baltimore, even parts of South Jersey can be money pits where ripping off out of towers is a cottage industry.

I hope it also sheds a light on some of the challenges faced in real estate.

I've used several "light" management platforms and landed on Avail (Avail.co) for the last five years or so. 

It is not something to be taken lightly!

agree we omly use led lights now inside and out