A key lesson from the Mount Vernon Dr deal was the importance of budgeting accurately for renovations.

We don't know your location, so we can't give more accurate advice. 

It's likely accurate because most lenders aren't inclined to allow someone to assume responsibility for payments without their approval.

I see buyers getting surprised by this often when buying older buildings.The more time you give an agent to quote the better the chances of getting a competitive rate - a lot of buyers start calling agents when they are going to close and want it NOW NOW NOW> you will pay more this way.Give the insurance agent a week or two to shop the rate and get the agent accurate documentation proving the age of updates to the roof, electrical, plumbing, hvac, etc and good photos of the property to allow them to sell the property to underwriting.A lot of people don't realize two sales are made for an insurance policy - one to underwriting and one to the person buying the policy.

Is accurate ( please see below).

In truth I have found appraisers holding the MAI designation to provide more accurate and more unbiased appraisals than appraisers who are not Appraisal Institute members.  

I don't believe that's quite accurate.

A heavily promoted transaction with a smart seller necessitates rigorous examination and documentation.To ensure accurate assessments, I advocate hiring third-party professionals in financial research and due diligence.

Everything you're saying is very accurate.

Additionally, it's crucial to conduct thorough due diligence, accurately estimate renovation costs, and account for unexpected expenses.Ultimately, the goal is to ensure that the potential profit justifies the investment, effort, and risks associated with the flip.