Unless you have a trustworthy GC/rehab crew, you'll easily find yourself over-budget and blowing past deadlines. 

Also if you are wanting some sort of an island you could look at combining your first posted drawing with the most recent one, but the section you had the stove in the island in the first drawing do a half bar with seating on the back side and that top of the counter being higher than the kitchen side counter space.

The better option is to self manage which you can easily do from anywhere using your phone.

@Christopher McCarthy in todays climate, you would easily have yourself booked up.

However, in the event I (hopefully) get a property within the city and closer to the university, it is just a $200/year permit which can easily fit inside the revenue spread.

A 4 bedroom house in West Summerlin 89138 3-6 months ago would have easily rented for $2,500 in 7-10 days.

People simply won't easily buy a house with previous hystory of crumbling foundation even if it is fixed... or "claimed" to be fixed.The 70% rule also doesn't account for the projected time it takes to flip a house.And no... your predetermined "holding cost" incorporated in your 70% rule is not it.The 70% rule is a death trap and is a sure way to derail your business.Also, if we are both interested in the same property, and you give a 70% offer, you will ALWAYS be beat by me that will ACTUALLY give the highest possible offer I can make. 70% rule focuses on being "safe" and will have the effect of not getting many deals.The right method focuses on property determined risk analysis to leverage "being safe" with the amount of allowable profit (for that safety margin). 

With a bit of framing, it could easily be a two bedroom unit.

If they are professional, they can explain this quickly and easily.

Christmas to New Years is easily $30,000 of income.