In 2018, we had a property turn and the net cost to you out of pocket was around $500 (costs to repair minus the security deposit that was returned to you.)

Here are a few lessons I learned during the renovation, many of which stemmed from the age of the house and unexpected hidden damages:1.Damaged Plumbing: Several plumbing pipes were ruptured or severely damaged, requiring replacement.2.Termite Infestation: I discovered termites, which led to additional costs for treatment and repairs.3.Rotted Wood: Significant sections of wood in the structure were rotted and had to be replaced.4.Lack of Insulation: There was no insulation in the att Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Any advice or assistance from this community is welcome and appreciated.

If I could attach it here, I would but I will DM you the file so you can take a look.As far as an agent, if you would like assistance while you're here, feel free to reach out.

The inventory is still a little low in Northern NJ, but I've managed to assist many people from the BP community with finding deals that work for them. 

We came to an arrangement where any sale price over $1 million, minus construction costs, would result in a profit-sharing opportunity.I’m currently trying to determine the After Repair Value (ARV) for the property but am having difficulty finding reliable comparables.

This extra year gives property owners more time to schedule inspections and make necessary repairs.Key Points:Applies to multifamily properties with three or more units.Covers balconies, decks, and elevated elements made of wood or similar materials.Inspections must be completed by licensed professionals and repeated every six years.Hazards identified must be repaired promptly.With the extension, now’s the time to plan ahead.

Your calculations should include utililies and repairs, legals, snow removal, etc.

(@Jonathan Greene DM us if you'd like to chat about them)Regarding turnkey in Metro Detroit, haven't seen anyone do it the right way:( We've picked up dozens of their clients that fire them due to poor tenant performance and nonstop repairs on their "turnkey" properties. 

Amortize your major repairs (roof, hvac, built in appliances) and add an estimate for small maintenance.This feels not terrible to me.