It could be that the decision makers were not aware of the ceiling on your budget.

I didn't see a budget line item for furnishings, interior design, and amenities.

We don’t have everything figured out yet, but we have a budget of around 300K to invest.

Many insurers have left the state so it is important to be able to get the correct STR insurance.Start calling around and get some bids and ideas on cost and fit it into your budget before you start offering on properties.

My budget is in the $200-250K range.Please feel free to let me know if additional details would help, and thank you in advance for your time and advice! 

Quote from @Jack Townsend: I heard David Greene mention a loan product that only requires a 10% down payment on the purchase price and 10% of the rehab budget.

Be conservative on your rehab budget, rehab timeline, holding costs, etc.

This decision increased our budget from $15K to $45K, but it turned out to be a wise investment.The increased budget allowed us to enhance the property's overall value significantly, and we were able to sell it for a much higher price than initially anticipated.

This decision increased our budget from $15K to $45K, but it turned out to be a wise investment.The increased budget allowed us to enhance the property's overall value significantly, and we were able to sell it for a much higher price than initially anticipated.

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project.