I think working on getting liquid capital for these projects is step one for me.

Maybe it’s hosting a casual weekend walkthrough of a recent rehab project so investors can see how their money is being put to work.

A picture is worth a 1000 words and a project we helped someone on in the UP was able to gain support and approval by getting renderings done showing what the finished project would look like.

Feel free to DM/call me so i can help you with your first F&F project.

If your "estimate" works for you and your "high estimate" is still workable for you, then you can feel confident that if you use good project management practices that you can manage the project to somewhere between those 2 numbers at worst.

My plan would then be to diversify by partnering with my mother-in-law on fix-and-flip projects for a year or two, which would increase liquidity.

Look for areas with solid rental demand, typically in Blue Collar America, where BTR projects are particularly appealing.

There are some great deals this time of year and the over inflation of small multifamily can be tough to get a deal. 

Do you have experience using them for your projects?

By the time an Inspector shuts down a project, and the homeowner goes to court/city/judge/whatever.....there is wasted time and money.As we all agree, just get a permit (if it is required) and do things right. :-) Even if you win the war, loosing the battle can easily wipe out all your profits and more.Think about that recent CA AirBnB case where the lady was in the guest house for almost 2 years with no rent?