as a flipper, with the participation of a wholesaler and a hard money lender, what actions should I take BEFORE I close and buy a house (tell me step by step please because i dont really understand the sequence of events) and also please tell me when to do due diligence to make sure how much does it cost to renovate the house and is it worth buying this house?

I just bought a lovely 8 unit last April that had been horribly neglected but have turned it around and done some cosmetic renovations and increased rents.

@Troy Smith If this is your first BRRRR deal I'd meet the appraiser, shake hands, and provide a paperwork describing all the renovations you completed.

Purchased on 2/1/2024 for $58,500, we invested $55,000 in renovations to enhance the property’s appeal.

@Thomas FarrellRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

If you’re working on a time-sensitive flip or renovation, hard money could be ideal.

Plus, it would be a first renovation project, and other properties we may be able to close on are huge projects.

Or you'll have to do really costly renovations with proper permitting-- i.e take a 3/1 to a 4/3 to a neighborhood that seeks such size. 

We had to bring the 1925 house to 2023 code which involved un-installing 26 windows that were already nicely installed (in appearance) in the house, reframing them to 2023 standards (at the time) which also involved strapping the bottom of the wood framing with metal straps (mind you this all after we had already completed the inside renovation).  

Renovated basement recently to prepare to rent out.