First Flip, how do you avoid scope creep and diminishing returns?

[Paul Ross]

Ok so this will be my first flip. It's a 2 BR 1 bath house. As I look at it .. there could be simple ways to "Spruce it up" and then there can be more complex ways. How do you determine exactly what you should do. Because as I think more about it I realize i could do almost anything!

For example my simple spruce up would be, renno bathroom, and kitchen, paint, and redo carpet upstairs.

But if i think real deep into what I could do to make it a STUNNER then I think, knock down walls, create more open/broken floor plan, add central air, possibly do an addition to add a 3rd bedroom and second bath.

So when you could do ANYTHING .. how do you draw the line of what you should do?