It's not your fault that the tenant has to vacate, so the tenant should have insurance to protect them against any additional expenses.

Financing can be expensive and difficult to find.  

You will probably run into some issues and need to budget for that.You budgeted 5k for unforeseen expenses on a 4000sft home.

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. 

At $2450, it will cover those expenses.

Starting to look at possibly investing there.Great, but also expensive and competitive.

Flipping a brand new home likely wouldn’t bring much profit - especially after having to close twice when you first buy it, and later sell it.Maybe you have millions to spend and I’m just missing the big picture… but when I think of “income” I’m usually thinking “net income” after you factor in expenses, like purchase price or building costs?  

Entity structuring, basis calculation (i.e. breakout between building and land), deductible expenses, etc.

Hi Saul,Vegas and Phoenix are on the pricier side, so you'll need to put a large down-payment down if you want to cover all your expenses with some cash leftover. 

Now the situation has occurred that we need to rent the house out in order to help pay for his long term care expenses.