Finally Found a BRRRR deal now what....?

[Jesse Jacobs]

Hey BP,

My names Jesse and this is my first post.

I finally after looking at countless properties, crunching numbers, have found a deal that is a BRRRR, at least I think so.

It's a SFH 4bd/3ba 2600 sqft

Good news:

nice part of town 

good schools

i think i can get the property for 150-160k

ARV is probably 300k based on other houses nearby but i have no experience so to be conservative lets say 250k ARV

rentometer says average rent for that is 2k, which is $800 over a refimortgage $1200: 75% LTV of 250k

great credit

Bad news:

I've only ever bought one house that i'm living in now, last April.

Very little funds currently
newbie panic

rehabs needed:

add back deck

replace water heater

inside drywall

inside paint

outside paint

replace kitchen appliances

paint kitchen cabinets

replace few interior doors

some bedrooms need carpet or Hardwood floor.

                wanted based on budget 

finish basement

driveway.

Now that I found the first BRRRR property that i've come across after 6 months because it seems like everyone does something to fix and flip and i haven't met my savings goal to get my skin in the game idk what to do. i don't want to let the deal just slide by, i don't have enough cash saved to get a hard money loan. i was planning on going to two local REIA at the end of the month but someone will probably snap it up by then. The only thing i can think of is to try and find a partner but haven't met anyone that is in the business yet other then people that i came into contact when buying my residence, banker and real estate agent.

I don't think finding the money is hard. i could ask to borrow some from family and pay them back to get the brrrr loan, from lending one.

as i'm writing this down things are getting more clear in my mind. I guess what i want to ask is what the normal order of operations?

Get money for a brrrr loan 

get the loan

talk to the seller get a good deal

call in contractors and get quotes for all the work

release the job to one of the contractor(s)

contractors finish

Find and screen a tenant (no real direction on that other then craiglist/zillow/redfin ads )

refi into a regular mortgage

setup payment receiving system

keep tenant happy

done? start breathing again?