so then, I should assume that I not only am dealing with the intrinsic challenges of find and working a "real" deal, I also then am to expect even less pay-off because I have to find someone that has the credit, in turn expecting a return (which further eats up my return)??

The one HML I tried said they won't lend less than 60k which would eat 50% of our profits.Long story short if I cannot line some kind of financing up before I close I would like to know if there is some way I can pull out of the deal without losing my earnest money?

Eat-in kitchen PLUS formal dining room.

Next, you have bathroom and kitchen fixtures and that requires some basic knowledge about how long you want stuff to last.Personally, i dislike major rehab because you're constantly dealing with unanticipated contingencies that would eat up your funds very quickly.The above was what i learned managing the renovation of a 16 unit with partners.

On an older building these costs will eat you alive.Exterminator wanted 100 per building per month.That is 6,000 per year lost in NOI alone!

If hard money a longer time line and delays will eat up potential profit with extra carrying costs.4.Many of your comps are either old or far away 1.2 miles to 1.5 miles.Is the area you are looking in urban,suburban, or rural??

I use the one from Weather Channel.If you eat out, get Open Table.Get the Trip Advisor, which has some great "what's near me now" features to find restaurants and other attractions.Many banks have an online banking app.Red Laser bar code reader can scan a bar code and give you prices for it and where you can buy it.

You are also basing ARV on converting it to a 3 bed 2 bath.I wouldn't touch a conversion unless there are other 3 bed 2 baths on the street.If just mainly 2/1's then you are going to have appraisal problems and getting buyers to offer on it.Nobody usually wants to own the most expensive property on the street because it appreciates the least and in a down turn loses the most value.Also I believe "I am not sure" but maybe Will knows is that the HML lender wants a qualified contractor to perform the work and will release the money draws once stages are completed.Also some of the work the city or county will require a license for you to do and you will not be allowed to complete the work yourself.It depends on local codes and what they require.You also have to factor in carrying costs and do overs.If I do something that normally costs 1,000 using a professional myself for 600 with parts but it takes my 3 times longer to do it and I mess it up and have to buy parts again then it's not smart.What you have to do is to find qualified contractors to get the job done quick at a below market price.You keep repair numbers low this way and turn times high.If you start a flip a certain time of the year and miss your list date you can be in a world of hurt when the slow season comes rolling in.You might sell at a real low value or not at all while holding costs from the HML eat you alive.You will also many times need good credit as all the HML's I talk to like to know if the investor has trouble selling the HML has a regular lender they partner with to put the investor into a regular loan and pay them off.

But come across as a nervous newbie and he may just eat you alive.

Repairs and maintenance of older buildings will eat up any dreams for profit you may have.