First Potential Flip Advice

[Kyle Markott]

Thank you all for the great forums and posts that everyone participates in.  Sometimes my fiancé thinks I'm cheating on her because I read so much on BiggerPockets...:)

Looking for some advice/discussion on my first potential flip. I operate my own real estate brokerage business on Long Island and I have two people who want to get into the flipping business with me. They have large bank accounts and would like my real estate advice and experience. I can bring solid experience on the buy end, CMA, sell end, but the construction and rehab part is where my weakness is.

A few items that I need help with (having very little experience in construction):

1) Estimating costs with a contractor who I've used before but not for a flipping deal.  Does anyone have a solid checklist for cost estimates?  Of course with my first one my scariest thought is not thinking of a big ticket item. 

2) A good timeline of construction.

Any help or advice would be great!!

Thanks everybody!