Best way to protect yourself is simply to buy cashflowing real estate. 

Another option is to simply start sending out direct mailers. 

If my contractor comes back with a higher estimate of work that I planned, then I can plug that in to see if my ROI is still good if I had to cover that out of pocket.If any of the above two options still don't work for my criteria for a good deal, then I can simply walk away from the deal.

However, I have a question about utilities.I understand the basics of figuring out your utilities estimates (simply calling the provider and asking), however a realization popped into my mind and my question is this: if I'm having my tenants pay ALL utilities, do I need to factor utility expenses into my monthly costs?

Good agents are just simply too busy for that.

I simply look at the repairs and renovations to get it up to the same quality as the rest of the neighborhood, the ARV market rent, and purchase price. 

Your income, more importantly your DTI, is simply a pass/fail criteria....no effect on interest rate. 

There are a lot of investors who are going to get hurt and may have already been hurt by the fact they are simply buying the word "turnkey" based on their own understanding and belief and not necessarily any real value of the investment itself.  

The only ones that are successful their first year are the ones that work long, hard hours pressing palms, kissing babies, driving all over God's green earth, answering phone calls at 11:30pm, writing emails at 4am, and generally working like their life depended on it.

Does visitors accommodations permit simply do it?