Great advice on all of these responses here. I particularly agree with Frank for the fact that I know first hand about rehabbing fire damaged properties using contractors. He does too, based on the advice :)
It is very difficult to guage some kind of percentage on properties which need EXTENSIVE repair such as a fire damaged property. The main reason is that you don't know exactly what is going on behind the sheet rock and all the problems that come along with the things you cannot see with your eyes.
With fire damaged properties I can tell you from experience if it hit the sheet rock on the ceiling, just go ahead and budget for having to seal the attic COMPLETELY and OR replacing much of the framing. If you don't, usually the city inspector will eventually move you in a corner where you have to. Then again Austin is very strict with inspections, hopefully your city is somewhat lienient.
Also in regard to time budgets and cost budgets. Well, you can come up with the best budgets in the world "On Paper" but what really makes or breaks your budgets is to have effective General Contractors or Subs.. whichever you use and being able to keep them on target both with time and money. This, in my experience can be most effectively managed by
1> Hiring contractors which will not "screw you over" Easier said than done that is fir sure.
2> Having good agreements drafted with your contractors ESPECIALLY if you are not hiring a GC ((and in some cases even if you are)) bottom line is that you should prbably have elements in your contractor agreemrnts which nail down a couple of things which are......
Have clauses which penalize your contractors for going over the timelines.. which is a per day charge of xxx amount of dollars.
Also, you MUST and I cannot repeat this enough MUST have your contractors sign a "Lien Waiver" after EACH cash draw you distribute to them. I screwed up on this a few times and had mechanics liens filed for multiple properties until I got fed up and made it a part of the system. Here is the rule i think you should follow in a rehab ((maybe everyone does this, I dont know but i learned this the hard way))) Every time you write a check to a sub contractor or GC... inspect the work, pass or fail it and get it right... then BEFORE you write them a check.... have them sign a lien release waiver. It will save your ***.
When inspectors tell you something MUST be done, what I have realized is that there is negotiationg room with inspectors, and you can get questionable items on a rehab passed by approaching them as someone who is there to make THEIR job easier. This is just what I have learned after rehabbing over 12 properties. Everyone has great advice on BP. Last piece of advice is do not go waste $10k for a guru.... there are more than enough qualified people on here that are willing to give out great advice for free. =)