1st Gutted Rehab - Advice, checklists, insights wanted!

[Alex Zyskowski]

Hello BP family!

After lots of searching and many offers, I am finally under contract on my first complete gut rehab!

My first investment property (a small 1bed/1bath condo) needed the bathroom gutted and kitchen updates, but this one is a whole other animal and am looking to the experienced rehabbers for any advice, checklists, and general suggestions to help ensure my first large project is a success!

About the property:

3 bed, 2bath, 1700sq ft single family Tudor Style home w/ attached 2car garage on 1.5 acres with 150ft of lake front on a small no-wake lake

It has been gutted to the studs with electrical and plumbing rough-ins approved by the county, new windows, and new roof (2yrs)

Purchase price: $90k (cash)

Estimated rehab: $135k (will be walking through with contractors in a few days to get multiple bids)

ARV: $260-275k

Depending on the actual total investment and ARV, we plan to either flip it or BRRRR as a short-term rental (with small estate wedding venue potential)

If a flip, I would like to see $40k+ but I am ok with this not being a home run being my first one, mostly want to learn and not loose my behind!

I would love to hear from the experienced BP community any must-do’s, must-not’s, what to watch out for, contractor questions, checklists or any other insights you have for a first time rehabber!

Thanks in advance for all the wisdom!