Advice on first flip

[Austin Latty]

Hello BP,

I have finally started taking big action and not trying to have the whole process figured out before moving. I have just gone under contract on my first investment property, and will be flipping it. I have read J Scott's book on flipping houses, and have followed that as a step by step blueprint. I have budgeted an extra 20% on rehab because I know unexpected things will come up. What are the biggest things you wish you knew while doing your first flip? What are the things to look out for that may not be as obvious as contractors not showing up etc. I am using hard money to purchase, and set up an LLC so I could get the loan. Now that I have an LLC that I will be purchasing the property in, what kind of stuff should I be doing to prepare for taxes etc. I am a W2 employee that makes about 70K per year, so this is all new for me. Im very excited to get started, and for the future I am building for my family. All your input is greatly appreciated. Have a great day!