This situation has unexpectedly complicated matters, and I am unsure of the best course of action moving forward.One suggestion I've received is to secure construction financing from an alternative source and forego the construction funds from the hard money lender.

Have you encountered any particularly common or unexpected challenges in your research so far?

Additionally, it's crucial to conduct thorough due diligence, accurately estimate renovation costs, and account for unexpected expenses.Ultimately, the goal is to ensure that the potential profit justifies the investment, effort, and risks associated with the flip.

I have downloaded both Chris's version and 123flip.com lite version, I do not see all 25 components (from the  book) on the spreadsheet.

Using the cap rate formula becomes straightforward once you grasp its components.

Even with FHA or conventional 1-4 units, there is a risk if your tenant leaves or you have an unexpected capEx cost. 

As you run your business, you may have to buy a new roof unexpectedly, or replace the hvac system unexpectedly, or replace kitchen items on a turn because they've been destroyed or reached the end of their service life.

We run a 53 acre ranch in the middle of Texas, and the stress of unexpected problems coming up with not enough time to resolve them (septic, water lines, other equipment malfunctions, adequate pool maintenance) between guests is too great.I'm aware there's money left on the table.

The more challenging part is the financial conditions component over the actual MCR..

We toured their facility & having done a lot of rehab etc I was impressed with the construction & designs.At the time we visited they were building components for a commercial with high end units above a store front strip that was very well done.