Any HML will want answers to those questions plus a rehab budget before getting you a term sheet for a fix n flip loan for this property.I close these types of loans all the time, if you have any specific questions about the process don't hesitate to reach out.

I will tell you he did a great job because very little interior re-work was required - but it was a substantial hit to the Reno budget!

Eliminate debt, establish a budget, and save.

So far the biggest challenges for out of state investments has been finding reliable contractors or help to complete projects on time and under budget.

I’d recommend connecting with an investor-friendly agent in DFW to find off-market deals or fixer-uppers within your budget.

I will say you do enough underwriting and something will eventually get missed (my last rehab was my first to go way over budget due to various reasons so I am not perfect).  

However, after accounting for long-term capital gains tax and other expenses, you would be left with $150k which is important to budget and account for.

They have lots of options for you, depending on your budget.

If there is a tenant in the property expect that they will likely leave within 6-12 months after you purchase so you can expect to do a rent turn and budget for that.

Eliminate debt, establish a budget, and save.