One of the trickiest parts of flipping houses, at least for me, has been figuring out how to accurately estimate rehab costs.

Again, expect higher prices than your initial targets.Smaller Cities: Don't completely overlook smaller cities or towns with strong local economies (e.g., a strong university or a growing industry).

@Phil SheltonYou would need a civil engineer to provide a drawing to get submitted to zoning and get a permit if it passes zoning is most common This also depends on the road - if it’s a state road forget it as it will take a year to get approved and cost a fortune - if it’s a local road process not as cumbersome but don’t expect this to happen quicklyIn some instances you may have to prepare sight distances etc to make sure it’s safe to add a curb cut

You don’t have to figure that out on your own.

Good luck Thanks Dan  Yes  we are not selling for the reasons you mentioned and yes we are talking 7 figures of appreciation .

Tenants know to expect them.

They're pretty organized, but expect annual inspections and some extra paperwork. 

I recently opened a HELOC and I recall it's at prime for the first year (7.5% currently), and I only paid minimal closing costs.PML or HML I would expect rates >10%, plus points, possible prepayment penalties etc.

The question you should ask yourself is not just what cash flow you want today, but what do you expect 2, 5 and 10 years down the line.

A project like that will probably take 6 months to 1 year, so what's your expectation for future rents?