Another key change is making sure your contractor actually sticks to completion deadlines...why, because of how extremely tedious permit inspectors are getting in some cities, which can slow progress in and of itself.

Quote from @Tenzapa Wakombe: Oh my goodness, @Jaycee Greene I got my math completely wrong!

Does that sound right?

Heya Ethan.I've completed 7 secondary suite renovations/developments now and it is extremely difficult to do a true BRRRR where you pull every dime back out again after you refinance.

There is still a lot to learn but sounds like you are on the right track. 

I’m not sure how good either are in your area but it sounds like you have a great connection with your father.

@Brittney Yang first red flag is it doesn’t sound like he’s that interested in long term holds but the primary reason for partnership is expertise in renovation and secondary reason is balance sheet and income to help get financing.Regarding reason one, I would offer to compensate him for his time in assisting you and have a very clear scope of what that responsibility is.  

It sound like you have your area under control. 

Im considering it as the course includes a coach for 6 months and a complete program.

Our main carrier policy converts to vacant dwelling policy at completion for duration of term and can be renewed on case by case basis if unfinished or unsold.