Greetings,I was given a general spreadsheet from a friend that he wanted to use for keeping track of the remodeling process.

For properties older than 30 years, the cost estimate must include a contingency reserve of a minimum of ten (10) percent of the cost of rehabilitation; however, the contingency reserve may not exceed twenty (20) percent where major remodeling is contemplated.

I remodeled and rented my basement out to friends for the first 7 years in my first home.

Yeah, I know your pain and this is why I turned down my dad's offer to take over the family remodeling/additions business in Chicago (Wieneke Construction).

Why would you NEED to rent "newly remodeled homes" to subsidized tenants?

I'm trying to determine all this , I didn't mention it in my origional post, but i'm buying a property to use as a rental (got it super cheap) and it needs a complete remodel, structure is great, but everything has been stripped out, and all the walls taken down to the studs.

If I find a value-add type of deal below market, and in 6-8 months after the purchase I manage to remodel the building, raise rents, and shrink expenses.

The house is 60 years old, recently re-modeled, with nearly all new guts.

You have a lot of OSHA issues when you are remodeling.

Fire/smoke and response wet down the entire house which had just been remodeled. 50k worth of damage. according to contractor/bidder.