Best way to prepare while waiting for closing on a flip.

[Kevin Means]

In the process of purchasing my first flip with two partners whose first flip this will be as well. I was wondering while waiting to close on the house, what do you do to prepare. First thing I will do is make sure a dumpster is there day one and also make sure we have any permits ready to submit once it is officially ours but is there anything else we can really do to get a jumpstart and stay ahead of schedule?

[Patricia Steiner]

Kevin, congratulations on your acquisition.  There's a lot you can do but I recommend that you develop a project plan for the flip - listing every task with a completion date and who is responsible for getting it done.  Then have your partners and every contractor/handyman sign it acknowledging their commitment to the plan.  The dumpster, the permits - all good/very smart - but every day that you're in "renovation mode," is money spent - not earned.  

Again, congrats!  I hope you'll loop back and let us know how it went.