If part of the property is rentable while renovations are happening, that could help offset carrying costs.Given your construction background, you’ve got a huge advantage in managing the project efficiently—it’s just about getting through the red tape and de-risking the unknowns before pulling the trigger.Have you talked to any local investors or contractors who’ve tackled similar projects in Wicker Park?

I would fist run the numbers to see if it is a good deal at the price and everything else, and then I would drive down the streets to see if you see any licensed contractor signs/trucks.

Since your dad is a contractor with access to affordable labor, the renovation costs could be lower than average.

.- Build Relationships with Vendors: Getting quotes from local contractors or vendors for common maintenance or repair tasks can give you a clearer picture of recurring costs.

Many investors are adjusting by using more cash or creative financing strategies to maintain profitability.Renovation Costs: While labor and material costs have somewhat stabilized, smart budgeting and working with reliable contractors are still crucial for keeping timelines and profits in check.How has your strategy changed for those currently flipping in Phoenix?

I highly recommend interviewing multiple contractors and ask them for references. 

We are good at investing* and wouldn't consider ourselves the best contractors.

Second thing would be to work with a contractor, this is great stuff to do since you know building a house, building material costs, and knowledge of right and wrong what to do. 

My contractor and I were expecting a $15,000 cosmetic repair and ended up with a $75,000 total renovation.

What should give you pause though, to reflect upon, is his losing his contractor's license to fraud.