Stick to a budget, align with local trends, and consider DIY projects to maximize your ROI.Good luck!

Given your residency restrictions and budget, focus on smaller multifamily properties in counties like Orange, Putnam, or parts of Rockland, where prices are more manageable.

Depends on really what you are looking for:-Speed - some HMLS can go "no appraisal" so can close very quickly and beat cash offers if you are in a competitive market to buy-Interest Rates - can range anywhere from around 8% to 13% (same with "points") but not usually as huge of a concern for flippers since the terms are so short-Leverage - depending on your risk appetite / capital - this is also a top concern for some (almost always over and above rates/fees) can see anywhere from around 80% LTC to even mid 90s LTC (including 100% of rehab budget)

Ones of the biggest was that we had to completely replace all the old electric, luckily we were able to save in other areas of our budget to offset most of the costs but not all of them.

You can spend $5,000 and get your CDL to start driving trucks at a Dollar a Mile or $20 an Hour.

NOI well below budget.  

And unless you have very deep pockets, you can't afford to be that much off....So as has been said....hire a very experienced General Contractor and have them give you a budget number based on your SOW, (plus they will find other things that need to be done that you will not have seen).On your succeeding projects, you do a budget yourseld first, then hire the GC and compare numbers.Then, eventually you will be comfortable going all solo...but it takes time.

Budget to visit every 6-9 months that you're actively interested in investing.

Screen tenants carefully, budget for vacancies, and keep learning with books like The House Hacking Strategy and Landlording on Autopilot.Good luck!

One challenge was managing extensive renovations on a modestly priced home, requiring disciplined budgeting and planning.