Speaking of loans... how much $$$ do you have liquid, what's your budget, and what neighborhoods do you want to buy in?

We see a lot of success in the suburbs:Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

If you budget the negative cash flow over the course of the hold period and have reserves set aside to fill the gap, there is no problem (assuming your investment meets your target appreciation rates - I understand there is no guarantee there). 

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

If you do it right, it’s arguably the best market to invest.Purchase: $80k-$130kRent: $1100-$1500 (no rent control in MI)1% rule: .9%-1.4% rule dealsCoc ROI: 5-12%Total ROI: 20-40%Cash flow: $50-$250/door (after all expenses and budgeting for maint, capex, vacancy)Appreciation: 3-10%+ (has been double digit for a decade)Location: C+, B-These numbers are based on the “sweet spot” in Metro Detroit.

We were one week over our original schedule (unfortunately our budget was much further off and my most off budget ever).- is your mentor unable to provide referrals, insight, assistance?  

These softwares have a lot of functionality, but honestly there is a steep learning curve and the functionality is probably overkill for most rehabbers.FlipperForce - Web-based House Flipping Software built specifically for flipping & rehabbing houses w/ Estimating, Gantt Scheduling, Task Management & Budget ManagementGeneric Project Management SoftwaresThere are nearly an infinite amount of potential generic Project Management softwares available that provide powerful functionality for managing project schedules, tasks & documents. 

Areas like Aurora, Arvada, and parts of Lakewood or Westminster can be good places to look, depending on your budget and target tenant.If you’re looking for a base hit rather than a home run, focus on finding a property where the numbers work reasonably well as-is—cash flow might not be huge initially, but if you’ve got room to add value and refinance, you’ll build equity to reinvest.

We sold 2 properties in one year and that popped up… cost us $15,000 we didn’t budget for.  

Everything seems to work as is for the time being, but I'm budgeting for the roof and furnace replacement in the near future.