If the sponsor is buying 1980 or older make sure they have a lot of money set aside for plumbing, electrical and HVAC.

The units have had all electrical panels and water lines upgraded with permits and new kitchen cabinets installed in all units.All of these deals were on Redfin.I would argue that there is money to be made in every market.

It has a brand new HVAC system, updated 200amp electrical panel and all new wiring throughout.

You may need permits for plumbing, electrical, and structural changes.A HELOC can be a flexible and cost-effective way to access funds for a down payment on another property. 

In my area garbage and sewer are the most common examples, but I have seen places where water and electric are municipal utilities as well.

For a flex space have you considered an electric Murphy bed?

Have you ever thought about a higher end electric Murphy bed?

Can we start building bridges, roads, electric infrastructure, high-speed rail, and large impressive buildings in this country again?

In case it comes up during your project, I also removed all of the old baseboard heaters during my reno and installed new Cadet in-wall electric heaters in their place in every room.  

If the rent of that 2 bedroom was $1600, that person would expect to pay $800 rent and maybe another $250 for electric, water, heat, internet for a total of $1050 all included.