Scope creep is a huge problem and the more you learn up about the project up front, the easier it is to figure out what actually needs to be done and avoid surprises (or pass on deals that need more than you initially think): https://www.biggerpockets.com/blog/due-diligence-ultimate-gu...I highly recommend building a contingency (I do 20%) into your rehab budgets for unexpected issues.

My friend said his client nearly bailed when she found unexpected wiring issues behind the kitchen walls..apparantly the seller hadn’t touched that electrical since the Reagan era..but with a patient electrician who understood the local code and a carpenter who improvised a shelving trick in the diningrom, they ended up selling above asking.Flipping and building can get tricky, especially once you start thinking bigger.

But I wouldn't be surprised to see us settle in the low 6.00% range.I have some aggressive bets in stocks and long duration bonds that will benefit if/when that happens.

Make sure you have adequate reserves to cover unexpected emergencies.3) Time-intensive - If you live on-site you're a live in property manager on call 24/74) Legal issues - know the max occupancy laws for your area.

Both companies are fully integrated.We are in a dozen southeast markets, and I was surprised to read your comment about investing in NW Arkansas. 

Liquidity: If this is your first or second property, prioritizing liquidity (by cashing out now) might allow you to seize unexpected opportunities, especially if you’re actively prospecting deals.Since you don’t have a deal lined up yet, you might explore options to minimize the gap, like prequalifying potential deals or using short-term financing strategies to bridge the 4 months.Good luck growing your portfolio!

Better yet use a lender that gets you fully underwritten up front, so you don't run into any surprises.#2 Keep an eye on interest rates based on what the loan officers proposes. 

Jared, you might be surprised what you can do with an FHA loan.

Any tips on avoiding unexpected costs or delays during rehab?

This is a new venture for him so I'm not super surprised at the lack of feedback out there.