We bought this house as DIYers with plans to live here forever, but after a lot of education on investing, we are really starting to look at this house in a different light.  

Until you become an expert at rehab costs, one investor told me a "quick and dirty" way is estimate $20-45 per square foot depending on condition (20 - light cosmetic stuff, some flooring etc.. 45 - trashed - full gut.)

Paint ext/int, paint cabinets and new countertops, new appliances, new floors throughout, sand and repaint a large deck, contingency set aside for pool, power wash roof/clean gutters, new front door/back door/leave slider, new lighting and plumbing fixtures throughout, as well as all handles, cabinet pulls and so on.. 

@Fernando Ramirez you need to ask the city what is required for all approvals and time frame, if you have to install curb, gutter, sidewalks, street signs, street lighting, any specific street design requirements, DOT requirements or permits, DWQ requirements or permits, permit fees, proffers, water/sewer tap fees and process, bonding requirements, inspections and CO process.

This seems as if it over simplified this concept but can anyone shed some light on this topic?

Looking to lightly renovate a triplex.

On that note, how do you handle things Iike light bulbs?

It was simply a  pilot light out and simply needed to be lit.

Light, medium or heavy projects ?

Each type of asset has different requirements especially commercial vs residential but overall the process looks like this for commercial or multi family:Check with the city or county to determine what is required for all approvals including site plan and building permits, proffers, water/sewer tap fees, bonding requirements, inspections and CO process and time frame for all approvals.You also need to check with the utility companies and get an idea of availability and cost estimates from them for water, sewer, power, gas, cable, installation and connection requirements, tap fees, hookup charges, transformer location and relocation, power line and power pole relocation issues.Check to see if you have to install any manholes,fire hydrants, curb, gutter, sidewalks, street signs, street lighting any specific street design or access requirements,.Check DOT requirements for access, stop lights and permits, traffic studiesDWQ requirements for permits, permit fees, time framesThis is a broad overview of the process and your civil engineer can handle all of this but it's good for you to know exactly what's required.Residential is much easier but similar considerations.