You still need some money to cover part of the rehab until you get your first draw, and if you're a brand new investor you might not qualify for 100% LTC on your first deal, but if you can partner with someone with experience on their track record or can prove significant past contractor experience then we might go that high on your first deal. 

Quote from @Paul Gupta: Hi, in California, For jobs requiring a license, there was CSLB (contractor state licensing board) which would give either a General Contractor license, or specialty licenses by trade (~60 specialties such as concrete, welding tile, ) https://www.cslb.ca.gov/about_us/library/licensing_classific...My Q: does Maryland and DC area have similar requirements? 

If it weren’t for some contractor issues, we would have netted around $60K, but it ended up closer to $45-50K (I don’t have the exact numbers on hand).

Cost of rehab is a few months and around $10k I think — I'm waiting for contractors to look at the property to verify this for the things that I don't already have a good handle on the cost for. 

We are coming down to get a feel for some neighborhoods we've been looking at moving too and don't really have too much planned so I thought it would be a great time to connect with some lenders, investors, contractors, and liked mind individuals while I'm there!

My general contractor told me to charge her a $400/month pet fee for four months –which would allow me to save up $1,600 to cover damages- and then give her 30 days notice in May when it will be warmer and faster to fill a unit.

My partner and I keep an excel spreadsheet of rent, our purchases, utilities, taxes, insurance, and money spent on contractors.

Our plan was to rent it for 3-7 years, and then sell it, before a roof, HVAC, plumbing, or even much flooring was in need of replacement. 

Additionally, we addressed plumbing and electrical issues to make the property fully rental-compliant.

Most recently was able to get my general contractors license.