Contracts are not for when things go right, they're designed for when things go wrong. 

Purchase price: $220,000 Cash invested: $75,000 Sale price: $300,000 Beautiful 4Br 3 bath 2200sft Single family residence uplifted to its glory, and contemporary design and style.

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Paid cash for the land, and I have started to work with an architect, surveyor and septic designer on the build out.

He earned quick money as a wholesaler, and I have a house to keep)Rehab cost: $20k (vinyl floor, interior paint, new dual pane windows, new toilets and bathroom vanities, lights, new landscape, new AC condenser, all done by handyman, spent some extra money for minor plumbing and electric jobs, hydro jet sewer lines, clean up attic (had mice), added some insulationTime spent: 3 weeks (two handymen for the first two weeks, one for the last week)Value after repair: probably around $440kJobs still need to be done later: some dryrots, roof work (it's tile roof, roof doctor quoted me $9k, handyman said probably $5k, home inspector said $15k you can get a new shingle roof.

The modern features and amenities can attract renters, and energy-efficient designs might help keep utility bills down.

For every dollar put in, the deal is designed to generate the equity multiple dollars out.

If that baseline average is an acceptable figure, then go a few notches up from there with your design and amenities and you should do well. 

Look for the Certified Cost Segregation Professional (CCSP) designation, which indicates certification by the American Society of Cost Segregation Professionals (ASCSP).

BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.