While this may converge with a planning commission meeting for 2024 budgeting, if it is at least on the table for 2025, that would be exciting. 

What is my real budget here?

Always pad a percentage of your budget for overages.

The issue with that property was we didn't control the rehab under budget and timeframe.

I’m not sure what your budget is but I believe that this system will be able provide everything and more that you are looking for.

I now make it a point to budget for all potential expenses and have a reserve fund set aside for unexpected costs. 

That way you're not locked into the deal without getting an estimate and if the rehab budget comes in higher than $65k you can easily walk away- make sure the assignment says EMD is refundable if you do decide to walk.The 70% rule is a great rule of thumb.

If you use any of the major mailhouse services, like Yellow Letter HQ (a service I can personally vouch for), they offer a variety of templates and even provide text suggestions.A smart way to analyze this strategy is by observing people in your local market who use mailers and identifying what works or doesn’t work for them.The simplest and most effective way to test this approach is to pull a hyper-targeted list of distressed homeowners and run a small-budget mailer campaign.Hope this helps!

@Nicholas L.So purchase is around $1.2m with renovation budgeting around 200-300k, ARV is right around $1.4m with some recent sale records for market comps.

To get pre-approved for a loan, speak with a mortgage lender, research neighborhoods that fit your budget and lifestyle preferences, and consult with a real estate agent.Good luck!