Hi Sophie, another thing you need to consider is that you should budget for some sort of reserves so if there is an unexpected expense or prolonged vacancy that you are still able to make your payments.

These unexpected scenarios are all hopefully unlikely, but they are realities in life that you and your family should be prepared for.

deal #1: PRIVATE MONEY to acquire the property + My own cash to renovate it (only spent $7K in repairs)deal #2: PRIVATE MONEYdeal #3: PRIVATE MONEYdeal #4: PRIVATE MONEY + use my credit card to Stage & market the property (spent $2K)deal #5: PRIVATE MONEYLesson: private money is a crucial component of a rehabber's funding strategy.

Look at the age of the roof and other components.

Over the last 25 years, I have not had more than a handful of unexpected roof replacements.

How much would you keep in reserve for things vacancies, unexpected repairs and expenses?

Paint hides every flaw.Ikea is stylish and up to date, and the components do go together.

Have your exit strategy in place before you make an offer on a property so you don't get stuck with unexpected holding costs.

I was worried he wasn't thinking about unexpected setbacks, dealing with contractors, and also, how to balance money vs. time.

It would most likely not be my only type of real estate investment, but nonetheless, and important component.