Most the time this is your largest expense.My assumption is a $35k budget for a new full bath and conversion of 400sf is safe.

-Investor takeaway: Consider these ZIPs for long-term holds or mid-term rentals where tenant demand is proven and turnover risk is lower.Investor InsightCharlotte continues to demonstrate the fundamentals investors look for:-Expanding infrastructure that connects key economic zones-Steady population and job growth-Sub-10% vacancy rates in most surrounding markets**The Rail Trail Bridge adds another layer of appeal to the city’s core — connecting lifestyle, transit, and development in a way that supports both rental and appreciation upside.

Now the largest employer in the US has quit paying most workers for 40 days. 

California certainly doesn't make some things easy but it is amazing the number of people will say "I will never buy in CA" or "will never do business in CA" when it is the 4th largest economy in the world as you said.  

I suspect there is something else amiss Kiavi is one of the largest lenders in the country and they perform when files are complete..  

The largest part of our investor base is looking for the 1-4 unit residential build to expand their portfolio. 

One of the largest advantages we have is having both in house maintenance and a renovations department to help owners during turns.

They are doing their best with the current and past economics.  

If you’re open to other locations, the Midwest offers markets where the economics for mid‑term rentals are more favorable: lower purchase prices, steadier rent premiums for furnished/short‑term setups, and less competition.

Are you to advocate that funds from economically prosperous states not be shared with less prosperous states?