Help on rehab costs (with link and video)

[Eliot M.]

Hi everyone.  Was looking to hopefully get some help from you rehabbers on this possible deal in my near future.  It's a 4 bed 3 bath in a fairly nice area in Alabama (but I'm in Georgia!!).  

The pros are: 

Great, cute house with a lot of character.  No cookie cutter.   

Seller financed with NO MONEY down required of me!!!

Purchase price of $60k. ARV of anywhere from $135-$180k. In my inexperienced brain, that seems like a LOT OF ROOM for repairs.

The cons are:

It's out of state, 3 hours away (BUT, it's my hometown and I am VERY familiar with the area; and I also have family and huge network of friends/contractors located there.)

Needs a TON of work.  I am inexperienced in rehabs and really have a HUGE blindspot trying to estimate rehab costs.  A friend who's a contractor gave me a very soft, un-detailed estimate of $40k.  We just had an inspection done on the property and there's LOTS of water damage in every room of the house, foundation issues (cracks in every room), mold in 4 rooms.  I thought I'd upload a video of the issues to YouTube to see if I could find some help in estimating repair costs.  Please tell me it's less than $40k!!  Thanks in advance for any advice from you more experienced flippers.  

https://www.youtube.com/watch?v=oXvNmV_agVU

https://www.youtube.com/watch?v=IcHUfsI5bQU

https://www.youtube.com/watch?v=wgnLU8c71UM

https://www.youtube.com/watch?v=2x1PYmJWksI

https://www.youtube.com/watch?v=UNulJnkXn8Y

https://www.youtube.com/watch?v=ZcBssD0E71o

https://www.youtube.com/watch?v=e4ltcrItv1c

[Eliot M.]

Thanks everyone for your replies so far! And thanks @Valerie Hiscoe especially for taking the time to write out such a thorough piece of advice. I think you may have steered me clear of a big mistake. I think I'm sold on your #3 point above. I need to take a backseat on this one and look for a veteran flipper who has experience and who will partner up with me and spearhead the project. This protects me on so many levels. If they visit the property and don't want a piece of the equity, no deal! I won't even make an offer. If a pro doesn't want it, I don't want it. Thanks again Valerie. 

Now, to focus my efforts on finding an experienced rehabber in the Montgomery, AL area! Any takers interested?