Cash to invest (enough for deposits, skin in the game lenders want you to have, closing costs, carrying costs, and to kick off rehab work).2.) 

@Francisco Pineiro To protect yourself when working with contractors:1.Start with a Clear Scope of Work (SOW): Ensure every detail of the project is outlined in writing, including materials, timelines, and deliverables.2.Use Milestone Payments: For a $40K rehab, consider this structure: 10% upfront, 30% at halfway completion, 30% at 75%, and the remaining 30% upon full completion.

Preparing for a BRRRR can involve buying distressed properties, rehabbing, renting, refinancing, and repeating.

The other problem with elevating an older home, although it helps reduce the risk from future flooding, it doesn't address bringing the rest of the home to current Florida standards.

Here are some common pitfalls I see for new investors from the private lending perspective:• Insufficient Funds: most lenders are going to be able to lend a first-time investor somewhere around 75-80% of the purchase price of an existing property + 100% of your estimated rehab budget (or an 80/100 loan, for short).

The hard money lender financed the rehab, so it ended up being $0 out of pocket for me.

I think I could address more, but it's unnecessary.

Most of the house hacking candidates that are available would need extensive rehab.

I usually recommend clients a pretty easy cosmetic rehab which is refinish floors, replace cabinets with modern white ones, add a white stone, new appliances, new bathroom vanity/mirror/light fixture and add in unit laundry. 

However, a town of that size is very similar to the areas that we have funded a lot of rehab and DSCR deals.What are some of the things that you like about what you're seeing in the Winchester market for a BRRRR?