It was not an easy one, since we are in CA and the property is in OH, but we made it through and are looking to take on our next project.Bought: $79,900Initial budget: $65,000Real budget: $97,000 (mismanaged project by initial contractor (and second contractor))ARV: $219,900Improvements:Brand new siding on the second floor (was not in the initial budget)New roof (was not in the initial budget)Sealed and painted the basement - was quite creepy down there beforeOpened the floor plan from the living to the kitchen by widening an existing walkwayMoved the kitchen from one side of the house to the other to capitalize on the stained glass windowsGutted the upstairs bathroom and added really good looking featuresAdded a half bathroom and laundry room downstairs by the entry to the backyardNew ACNew plumbingNew electricOur contractor performed extremely poorly on this job, and I am happy to share a cautious word with anyone who aims to invest in Cincinnati about the team at Kaiker Development and Creative Customs Carpentry.

I did it on a flip property when I was getting financing through a broker.  

@Josiah Santillana the right broker will have relationships with wholesalers and other agents.

Build your team of accountant, lawyer and especially a mortgage broker that understands your future plans.Chances are you will have the best luck with C+ to B properties.

A custom trust document can be thousands of dollars, title work always costs more than really necessary, and I end up writing most of my own contracts now anyway (at a fair amount of risk I'm sure). 

Some Auction.com properties even sell without an inspection contingency.Highly recommend you read the fine print, and contact Auction (or the listing broker they're working through, if you can find it) to double check the details on your specific property.In general, though, yes - you usually get your earnest money back if the deal falls through.

There are brokers, agents, contractors, tradesmen, management companies, etc. in every top, secondary, tertiary city. 

I expected it to be no more than 9 however, I experienced a major delay in getting my custom windows (loss of 6 weeks) plus utility delays and a few minor weather delays (we don't get much of that here in sunny So CAL!).

i'd leave that 15 yr as is, unless you want to keep paying closing costs. you need to connect with a good broker and shop around for the various possible scenarios. what was your inital rationale for hooking up with a hml?

I am starting my first New Construction as "Owner/Contractor" and curious if I should go with insurance brokers or big companies like AAA(or similar).