Obviously there are properties and investments that are exceptions but since we're discussing nearly unlimited budgets, my first look for a legacy estate would be begin in other areas.

Budget between 300K and 400K.Any areas that have the potential for a good cash flow?

I remember working with a friend who inherited his aunt’s home.. he got so caught up in the emotional side of it that he forgot the nuts and bolts..like having a good plan for the renovation budget and timeline.

My wife and I have overhauled our personal budget to reflect the 'pay yourself first' approach (allocate in order: income comes in -> invest -> donate -> fixed expenses -> variable expenses -> fun $$).We are looking to see what experienced people generally recommend for a holding tank for that 'invest' allocation while we target our first real estate deal.What financial vehicles have you guys used that works well for this?

Beyond the bedrock issue, soil conditions can be costly if the property has problematic soils such as too much silt, deep topsoil, or extensive wetlands.You'll also want to know what ordinances are going to affect your budget - things like tap fees, tree ordinances, storm water retention policies, etc.Bottom line is that you have to investigate ordinances, off-site conditions, and on-site conditions before you can even begin to budget your development.

Eliminate debt, establish a budget, and save.

.- Technology & Automation: Utilizing project management software, such as Buildertrend or Monday.com, enables real-time tracking of budgets, schedules, and contractor communications.

I have been on New Western's deal list as well as another bigger local company and everytime I underwrite these deals there is very very minimal left on the bone let alone contingency funds for going over budget on the flip...

Be conservative on your rehab budget, rehab timeline, holding costs, etc.

There's lots of opportunities in developing neighborhoods, but also seems a bit saturated at the moment.Also, definitely budget security (remote control cameras, alarm system, etc.) for your properties, as there are a lot of people who occupy themselves by breaking into houses and stealing anything they can sell.Lastly, there are a ton of contractors looking for a quick buck.