Right now I have an unusable bathroom and Yesterday I drilled down to them that I have a pregnant wife in this job that needs to be completed as soon as possible because we are already past the deadline and they promised me they would finish the ceramic tile today but guess what?

This will be my first rehab so what are the most common areas I would want my contractor to focus being that this is a tightly budgeted project?

@Bradley Snyder here is some perspective which is less on what up and coming areas are in AZ but rather a hollistic point of view on the market.At the lowest inventory point through the bubble before the great recession, we dipped to about 9K to 10K active single family homes - even that was considered a 'tight' market.

A bit tight, but it's got some equity which is good.

I'm on a super tight budget and need to rent asap. 

This one seems a little tight rehab wise.

Just make sure you stay on top of your rehab budget and keep it tight.

That being said, if you feel confident there is good appreciation to be made, I would much rather buy a property that is already cashflowing $500-600 per month with the hopes of great appreciation than one with very tight cash flow like many other appreciation minded investors do. 

This time, inventory is VERY tight - we had a massive overproduction in 2004-2007 and have seen inventory levels rise every year.

The average house in Denver metro is now over 500k, so not much room to work by BRRRRing.Also, anything on the MLS will be extremely difficult to BRRRR because even the crappy properties are getting over asking and multiple offers since we have such tight inventory right now.The best you can do is find an off market 3/2 house with 2000 or more sqft in Westminster/Arvada/Lakewood/Denver that has a huge unfinished basement for 350-425k, add two bedrooms and a bathroom down there, and make it a 5/3, so when you go to refi, the appraiser will compare it to other 5/3s in that area with finished basements.