I will say you do enough underwriting and something will eventually get missed (my last rehab was my first to go way over budget due to various reasons so I am not perfect).  

It's open for interpretation, but if it went in front of a judge, they would look at the reasonableness of the situation. 

The reason I say this is that no matter what your remodel if you are doing a lot of the work yourself (way to max out equity growth) then maybe look for an even larger remodel than you had thought about? 

I have always preferred to stay in the areas I know and that are within a reasonable driving distance for me 90ish minutes from my home.

I have a many reasons why I'd like to invest.

The reason why I ask is because that could determine what loan options are available to you (and interest rates). 

Reason being HML's are typically short term loans that are interest only.

Now having a trust to avoid probate, care for young children or folks not ready to inherit large sums of money yet are very good reasons to have trusts.

Simply put, we start off with the As Repaired/Completed Value (ARV), then subtract from that number a reasonable profit, the rehab cost (scope of work), which we've gotten good at, a contingency reserve for any "unexpecteds", our cost of capital/carrying costs (interest and costs of the leverage used), and our costs/fees on the buy and sell sides of a flip.

Homes have been sitting much longer, and sellers have their reasons to sell.