. - I was in a VERY similar situation here in Chicago, but I had less experience working on my own than you.I had a piece of land that I owned free and clear, but since I didn't have any development experience, most of the banks wouldn't talk to me. 

@Lau Cor so for areas with larger populations Pueblo would be lower cost as would Grand Junction then you drop down in population to areas like Alamosa, Lamar, Gunnison, Montrose, Rifle, Meeker and the four corners.

I believe each contract cost $600 to $800 for each state. 

How much did the rehab cost and how long did it take to complete?

We network with other fix & flippers teaching them how to properly structure a seller financed note so that it has value on the secondary market, we then buy a partial from them to take out most, if not all, of their cost basis so they can recapitalize and go do another deal. 

If you’re just getting started in real estate, feel free to reach out – I’ve been coaching new investors for a while and am happy to help you however I can.

Best experience is hand on training, and not some workshop making you go back to pay for free information online. 

Is saving the fee a PM charges worth the potential thousands in cost and headaches?

In one of my markets assessments are performed every 3 years, and the cost of 3rd party appeals will cost 30% of 1 year savings. 

My budget for the first property is $50k ~ $100k total cost (including rehab).