Advice for the beginning rehabber?

[Ian Landy]

What has seemed like such a distant idea has finally come together. We are getting through all of the paper work right now but within the next week we should have our LLC formed and funded.

Now that we can finally focus on finding properties and not the structure of the company it is starting to feel a bit like we are forgetting something.

Our team includes:

Acquisition:
I am a realtor so I have access to the local mls; my partner and I can narrow it down to a few properties of choice. An interior designer and general contractor will meet us to map out a game plan and verify what we need to purchase the property for to hit our numbers.

We have a good escrow officer and inspectors.

Rehab:
Our construction knowledge is limited and neither my partner nor my self have taken on a full rehab project before. We realize that that is a big disadvantage so we have made a list of recommended general contractors that we will be interviewing over the next week or so.

Once we decide which contractor to use we will have him prepare an estimate for him and his subs, who will manage the construction. After reading over the bigger pockets forums it has become apparent how important it is to get the contractors plan of action and budget written in a contract, so we will be sure and get that taken care of properly. We also have an affordable interior designer that will be working with the contractor to help put together a plan for the rehab. The intention is that the interior designer will bridge the gap of our limited rehab knowledge. She can help show us what materials will add the best value and can help the contractor stick to his budget.

Sale:
The interior of the property will be staged for sale.
I will be taking care of the marketing/sale of the property and I have a team of people that can help determine a proper sale price.

This is a pretty brief summary of what our game plan is. Does anyone see anything that we have overlooked or have advice for our first fix and flip?

It would also be great if anyone who has done a fix and flip through an LLC could jump in and offer any advice on the business front too. We are working on getting an insurance policy for the company. Are there other details like this that we have failed to address?

Thanks in advance, I look forward to your responses!