Rehabbing and selling or rehabbing and renting it out.

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Hello All,

I've been following biggerpockets forum for some time and today I decided to join this great community.

This is my scenario:

House listed on MLS for 95k after negotiating we came to agreement with seller for $78,500.00. House is in Lawrence Twp NJ 08648 and it is a small ranch- 825 sqf, 2 bed and 1bath, great level lot. House is from 1945 and I know that I will have to gutter it, then replace windows, new kitchen, new bathroom possibly rearrange interior walls and change electrical panel/service entrance. My goal is to rent it out and looking at rentals around the area I can get $1,400.00 to $1,600.00. I am putting 20% down and will end up taking a mortgage for $62,800.00 which will cost me about $340 per month. ( Sorry, don't have enough funds to pay cash for the house) I also checked some comps and I see houses like this one sell (assuming in great conditon) between $135,000 and $170,000. I would like to point out that I will take permits to do the work and will do probably 80% of the work myself. I know that I have to hire license electrician to do the service entrance and electrical panel which for this house in my are will run me between $800 and $1200. My question is can I do rest of the electrical work myself or license person must do it? Also, I know it will be extremely difficult but I would like to squeeze a 3 bdrm. I know that this will involve moving interior walls and I'm fine with that since I know how to frame but the question is: Do I have to have an architect to do the plans or can I draw them? If I can draw them does it have to be on some special software or simple hand and ruler drawing with measurements? Also will town give me hard time for trying to change from 2 to 3 bedrooms? Sorry for the long post and thank you in advance for any help.