There are unexpected expenses that come up.

You need enough reserve funds to carry you while you wait to sell completed properties and for unexpected items that crop up during a rehab.You also need to establish relationships with Hard Money rehab lenders to finance your deals.

If you are not counting on that $198 and could handle months with vacancy and other unexpected expenses then it is probably a good idea.

Labor-only bids will also allow you to compare apples to apples on GC bids related to specific tasks.If there are some unexpected repairs uncovered during the inspection, this is your opportunity to ask for concessions from the seller.

Pad your budget and leave room for unexpected things, as they always come up!

Am so delighted to find a :groovy: community that I can relate too.

Unexpected expenses happen all the time so well done on the overall number.Good luck.John Corey

Thank you James and a big thanks to everybody for the unexpected warm welcome!

There are tons of ways to get started like you said but if you want to do this fulltime and operate a true business then ultimately you have to be able to manage your your money and credit and you need cash for unexpect circumstances.

I'm in a similar situation where one roommate is moving out (unexpectedly) of my rental.