People rarely actually care about what you really need and are more interested in commission, pay, etc.Wish there was a way to improve the industry image, but it seems that there is a correlation to your level of shadiness and your success. 

Any improvements put into the house for the flip get added to what you paid. 100k purchase price50k improvements150k basisSell for 225= 225- 150= 75000 gain taxed at whatever capital gains rate applies to your normal tax rate.

Before I joined the Army I did home improvement side jobs, i.e. paint, dry wall, tile, carpeting, roofing, little bit of framing, pressure washing, junk removal, lawn care.

Try not to over improve the condition of the property, as college kids will be kids and undoubtedly through the occasional party, and generally have less respect for property (I did).

I attempted to refi out my improvements but this failed.

But don't forget all your other expenses - taxes, insurance, utilities, landscaping, municipal rental license, HOA fees, reserve for repairs/improvements. 

Now, if you have a commercial tenant they have lease-hold improvements they can account for such matters, but not residential tenants. 

I have been extremely instrumental in helping to turn the community’s financial situation around in the past 2 years as I joined the board as the president and have initiated several upcoming and impactful capital improvement projects.

All items from IRR, to plans, to any utility upgraded you will be responsible for to meet the CURRENT "CODE" for all trades , dirty work aside from demo, drainage is ALWAYS a major concern and will require engendering, will you have to install and or improve of site land or hardscape, disability access requirements, and a number of other factors.....

How many improvements should you make?