I know your goal is to BRRR.  

@Kenneth Joseph Perfido It really comes down to math and future goals.

There is a catch - the couple wants to 1031 the funds into their sons next larger project which is TBD.

I've been meeting all of my goals by being very active with my listings. 

As a result, we have significant water damage to the floor and rugs in that 2nd floor bathroom and a bedroom, plus there is even more significant damage to ceilings, walls, furniture, and rugs to 2 bedrooms on the first floor.Our initial goal is to dry as much water as possible with wet-vacs and dehumidifiers.

I’ve been working with real estate investors for many years, and I’d love to hear more about your goals.

I did this prior to my R2R purchase to ensure my numbers were in the same range as R2R's projections.

Most hard money lenders require 10-20% down payment of the purchase price or total project cost.Holding Costs During Rehab: Yes, you'll need to cover carrying costs, including hard money interest, utilities, taxes, and insurance.

You'll have to run them yourself according to your goals, timeline, and financial situation. 

Typical renovations include:Cosmetic Updates: Painting, flooring, kitchen and bathroom upgrades, and landscaping.Structural Repairs: Fixing any underlying issues such as foundation repairs, plumbing, or electrical updates.Efficiency Improvements: Adding energy-efficient windows, new HVAC systems, and better insulation to increase the property's overall value.The goal of the rehab phase is to increase the property’s market value while making it an attractive place for tenants.