You still have the cost of lease renewals, but that's minimal when compared to the cost of turnover.  

@Martti Eckert in our opinion, you'll need to be really familiar with construction, including costs, or be able to find somoen on the ground you can REALLY trust (but still verify).

There's no cost to use, and currently $25 fee for applicants. 

Also your permitting process, type or land, grade of land, if underpinning is required will all play a factor into your cost. 

To adapt, focus on refining your ARV and repair cost estimates, explore off-market deals, and consider creative financing strategies like seller financing or partnerships.

Not to mention the general PHX market has become expensive and people have already been looking for cost efficient alternatives in the northwest and southeast corners of the valley. 

If you were able to increase the value of the property significantly after the rehab, then you could bring the deal to a community bank  to refinance and take the hard money lender out.You keep all the equity and don’t have to file a partnership return for your annual tax return, which can be costly.  

Well anyone can write anything into a contract, but whether it is legal and enforceable is for the courts to decide...It is State law here that a contractor must call 811 or they are liable for the costs.

To qualify for a loan, focus on having a credit score of at least 620 (or 580 for FHA loans), keeping your total monthly debt under 43% of your income, and saving enough for a down payment and closing costs—about 5-10% of the home's price in total.

If any damage arises from her negligence she will be getting the bills for damages, plus costs of collecting which you bill as well as your attorney in addition to the termination of her lease.