Unless you are confident in estimating the renovations needed, I would highly recommend getting a contractor's professional opinion of the rehab costs.

Since you're investing from a distance, I recommend interviewing multiple agents, lenders, property managers, contractors, and other professionals to build a strong and reliable team.

Also, grow your contractor lists, maybe make posts about their work.  

Here is my simple Top 5:1.Review the market – Understand the trends and conditions in the area.2.Analyze the property and the numbers – Ensure the deal makes financial sense.3.Visit the property – There’s no substitute for seeing it firsthand.4.Meet the team – Whether it’s your property manager, builder, or contractor, relationships matter.5.Complete inspections and appraisals – These protect you from costly surprises.If all these boxes are checked and the numbers work for your goals, then it’s likely a solid deal.

We are contractors with different expertise and want to figure out a way that is fair both to get compensated.

You can get screwed on changing markets and unreliable contractors though.  

Consider bringing in an experienced property manager, contractor, or mentor to guide you through the process.

A client of mine recently invested there and raves aboutt the ease of finding solid contractors who stick to the budget.One piece of advice: before jumping into any market, spend time understanding the local economy, demand drivers (like job growth and population trends), and the landloard laws.

For value add you need to buy deep, have reputable contractors, and understand different financing products + creative finance.  

It helps to build a good network of reliable contractors, especially if you’re investing out of state.Section 8 has been a part of my strategy, and while it’s not all rainbows, it’s been a solid way to build consistent cash flow.