If it is near the city, meaning more of a rural area, turnover will cost more than what’s covered by a 10% vacancy projection, just because of the lower demand and smaller pool of potential applicants.This is a very unattractive “deal.”

I'm just trying to get where you are :)  I think I have some more learning to do to that ends, although I've overseen some large renovation projects, I just do not feel qualified to make judgment calls on entire houses. 

Depends on the project.

UAB has an economic impact on the state to the tune of $500k per dayConstruction Hub - Multiple international construction companiesFinancial Hub - There are many banking HQ's in BirminghamInfrastructure projects everywhere to expandSports Medicine originated in Birmingham (HealthSouth)I used to appraise prior to investing.

Just one, but a few plumbers have bid out the project prior to me finding the issue.

Appraisal reports are kind of interesting: Comparative sales, city reports, neighborhood reports, project P&L -130 pages of information on this one property.Put utilities into my name, require going into provide company information, slow lines and a few deposits all done.Closing: Signed a million pieces of paper infront of a room full of people.

Loans are Stated Income and look at the cash-flow of existing or projected market rents. 

I tried to figure out my budget/ rough idea on sales projection to figure out my numbers and offered him what I thought was fair salary/percentage wise and he agreed upon that.  

Then call the architects and ask if they do your kind of project.

Take some photos before , during, and after your project, then share with us the good, bad, and ugly.Being a landlord is not easy, but with a team,  Its money in the bank !