Working on First Flip ANY ADVISE?

[Brandon Davis-Dukes]

Hi i’m working on my 1st Flip in Belleville Nj. The asking price is $155,000 and the wholesaler who is also an agent says the ARV is $290. After running comps I noticed the ARV is between $240,000 and $250,000. I’ve done research on the area to see if there is a market of buyers in general which there is because there is 4 months of inventory supply and the style, br/ba, year built all within a mile. I plan on offering $140,000. Once accepted at his price I will be in at $140l, selling for at least $240,000 and putting in $50k including rehab cost, purchase/selling cost and 6 months of holding cost I like being conservative. I’ve received buds from 2 contractors and picked the best of the two based on references and fair prices, and have a realtor confirming the ARV with me over the next 24 hrs I already have money coming up with at least 80% and 20% i’m committing to the deal. And raising private money for closing cost and 6 months reserves for holding cost. Are there anythings I should be looking out for prior to purchasing, working with contractors, selling/marketing, or anything-else?