Starting out - LTV/Rehab costs

[Alexander Candiotti]

I have some road blocks in my credit history that I am currently addressing. I recently spoke to Do Hard Money lender and they told me 100% LTV would be possible once I get things straightened out. They didn't seem to mind my inexperience. So with that being said, how high of interest and points am I looking at? Is the net profit going to be worth it? Also, if they set me up on an interest-only mortgage for 6 months (or whatever the term may be) does that mean I have to pay that mortgage monthly and factor that into my carrying costs?

Also, I've read up that the average cost of repairs on a fix and flip is around $15-$30/sq ft. Is this accurate? Is there any other method to determine what the cost of repairs would be? I was thinking trial and error, but when you gotta stay under 70 percent of the ARV, there's not much room for error.

I appreciate all the help I can get.