If you don’t mind a little more advice…when I’m running projections like this, I like to use the worst case scenario and if the numbers don’t work out in that scenario, I usually pass on the deal.

Renovated the basement unit, new roof, new soffit/ facia, new gutters, new exterior paint that was paid for by seller.

You'll learn a lot just from starting out like that with little to no experience at all (cosmetic renovation cost, managing current tenants, leasing out a unit).

The builder could easily take on the project itself.

Once you complete your first project, you'll gain experience and confidence!

The property is in a rural area, so I'm trying to project how much demand there is. 

Instead, there should be dollar amounts assigned to specific events, i.e. demolition complete with full haul off, floors broom cleaned, no nails left in studs or subfloors $1,500.Plumbing rough in complete and rough in inspection passed: $4000Final plumbing completed $5000I am clearly making up dollar amounts, but look for these types of bids on large projects.  

Your LTC leverage is also very similar to a bank construction loan but between origination fees and interest charges you will incur  ~$20,000 more in finance charges during the life of this renovation project.

If you were only going to net 10k and the fees male you a lose then it was never a good deal.If you keep project costs less than 72.5% of the ARV then no lending can screw you. 

Hi Jonathan,Jay’s Fencing (209-847-3992), Elite Iron Fencing (209-968-6685), and Fletcher Fencing (209-662-8298) are solid options to get bids from and compare.I also offer consulting services to help clients navigate projects like this—whether it’s evaluating bids, ensuring the scope of work is clear, or helping you avoid potential issues during the process.