I'm starting my first BRRRR project and just closed on a property using cash.

@Blake Kirby the new construction is mostly SFHs on the far outskirts, or "luxury" apartments and/or condos as infill projects.

. - Projects give us visibility on my projects- My CPA can easily access the reports for tax preparation.

@Otis Clayton To partner in real estate effectively, establish a clear structure like an LLC for liability protection or a Joint Venture for single projects.

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

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.

Aim for the sky... you will reach the ceiling.... 

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.

Are you planning to take on another project like that soon?

Also, the water could have entered from other areas and traveled along a beam and exited the kitchen ceiling.