Thanks so much for the detailed information @Jason Wray!

@Andrew Postell Thanks for the very detailed breakdown.

I'd be happy to connect and share more details about the lending process.  

When I was "Mr Flip", I walked in day 1 of a property, folder under arm, my team trailing frantically taking notes because i was just walking room to room detailing every last detail of exactly what we were going to do, what I expected in finished product, and why we were doing it that way. 

Closing costs vary but are usually at least a few grand in addition to the origination fee which tends to vary between 1-3% of the loan amount.We have a simple yet detailed fix and flip calculator (cash flow tool) that clearly accounts for all of the relevant costs and gives you a sense of net profit, ROI and total cost associated with each project.

Anyways some more details to share.

My suggestion is to take all this amazing advice and hire a professional photographer to really showcase the property.

The 50% rule was fairly accurate to my more detailed underwriting. 

It's hard to say if his quote is a fair price without a bit more detail about the systems they quoted. 

Here's a bit more in detail about how rates are calculated for DSCR loans:1.