The key is ensuring the after-repair value (ARV) supports refinancing to pay off the initial funding without overextending.Fix-and-flip - This requires sharp numbers and market knowledge.

If we can complete projects faster, we increase IRR and build trust.3) Market Risk- The longer it takes to complete a project, the more exposed you are to market fluctuations.This goes for all things Real Estate - BRRRRs, Flips, New Builds, Rehabs, etc.Real Estate is a wild ride I feel your pain, I've had this happen many times where the project is twice as long.

It’s clear you had a sharp eye for opportunity with this duplex, especially given the prime location and potential for adding value through additional bedrooms.

Necessary but a bit confusing and sometimes painful research....

The more rehabs you do the better understanding you will have of the market for contacting work and materials.Doing a rehab every so often prevents you from being sharp with your budget.For those with limited exposure, ask others in the industry and always run your numbers based on being overbudget and overtime. 

Tracking hours would be kind of a pain as we tend to do a lot of partial-hour type of work like a quick phone convo or texting back and forth with a buyer client, researching properties, talking to listing agents and lenders, scheduling showings, previewing properties, travel time, etc.

I would just add that probate isn't really a painful process in most situations.

It is primarily over the high and sharp rise in interest rates we've been experiencing.

Since you have built a lot of them, could you spare 15 min to share your perspective on the main pain points of land discovery?

I think my main pain point is underwriting the property as it is and then seeing what it could be and then making decisions on if it's worth and how those decisions are made.