With $150k here you’re just a little tight on budget but can make it happen if you self-manage and do your own furnishing and design.  

People listing a budget of 50k, 100k, 200k in NJ (never will happen).

I’ve been a serial house hacker in the greater Boston area so happy to connect and share some lessons learned.Multifams inventories are quite low depending on your budget and location preferences.  

We don’t have everything figured out yet, but we have a budget of around 300K to invest.

In order to do this you need to have deal flow and you need to know 1) How to recognize a good, profitable deal, 2) How to put together funds quickly to buy the deal before someone else does and in such a way where you are protected and the deal is protected, 3) How to run the project so that you follow the budget and don't overspend or overbuild, 4) How to attract an end buyer or a renter and which documents to use to protect yourself and the buyer, 5) If you are going to keep the property then you need to know how to set up the property from the start to best help you in the refinance later, and 6) You need to know how you are planning on managing the property from the beginning in order to make sure it will be profitable at the end.

Although it depends n your budgets and expectations. $430 could be chicken feed to you.How big are your pockets lol.Obviously you want them to get bigger!

My mortgage will be $2,005/month, and I’m budgeting up to $600/month for utilities, leaving a potential monthly cash flow of $995.I also set up an LLC and a business account to track rental income and expenses.Questions:Do you have any advice for me as a young real estate investor?

The HML covered 100% of the $32,500 rehab budget through drawbacks.Refinance: Post-rehab, I refinanced into a primary mortgage, creating 25.5% equity in the property.Future Financing: I plan to leverage the property with a HELOC to access up to $86,000 in capital for future deals.

If you can secure a solid first lien within your budget, it’s a great way to get started.

Besides putting together the best SOW using accurate/actual quotes as @Peter Mckernan and @Alan Asriants commented above, another key aspect is tracking expenses (bookkeeping) and monitoring the budget throughout the project.