Here are a few lessons I learned during the renovation, many of which stemmed from the age of the house and unexpected hidden damages:1.Damaged Plumbing: Several plumbing pipes were ruptured or severely damaged, requiring replacement.2.Termite Infestation: I discovered termites, which led to additional costs for treatment and repairs.3.Rotted Wood: Significant sections of wood in the structure were rotted and had to be replaced.4.Lack of Insulation: There was no insulation in the att Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

+I've call some GC that do new construction homes to get an idea of the build cost.

Quote from @Gene Jung: Hi,Assume there is no cost for mortgage requesting for my lender.

Highlighting the strong profit potential and taking measures to address any concerns about costs, scope, or holding risks will make this an even stronger pitch.

Renting, like hiring an employee, taking on a business partner or client and marring (even more so), are relationships that can be costly if made hastily or imprudently.Like others, I have check lists that I do not deviate from. 

Can try to reposition to Class B, but neighborhood may impede these efforts.Vacancy Est: Historically 10%, but 15-20% should be used to also cover tenant nonpayment, eviction costs & damages.Tenant Pool: majority will have FICO scores of 560-620 (approaching 22% probability of default), many blemishes, but should have no evictions in last 2 years.

We came to an arrangement where any sale price over $1 million, minus construction costs, would result in a profit-sharing opportunity.I’m currently trying to determine the After Repair Value (ARV) for the property but am having difficulty finding reliable comparables.

Good renovations done at purchase should decrease repair and vacancy cost. 

https://www.biggerpockets.com/forums/51/topics/1113749-cost-segregation-faq

I live in a costly area, and this is the main stoppage point of getting me to just jump in.