., kitchen and bath updates)Heavy Rehab: $60-$85 per sq. ft.

Unused contingency funds, unless they were received directly from the borrower, must be used to reduce the outstanding balance of the renovation mortgage after all of the renovation work has been completed and the certification of completion has been obtained.The loan is not re-amortized.Draw Schedule:The HomeStyle program has a maximum 4 draw process.The initial draw can be up to 50% of the total project and can be for materials for the project.The final draw will be at least 10% of the total project as retainage and funds will be released upon receipt and approval of final inspection, Certificate of Completion from Appraiser, signed All Bills Paid Affidavits and Lien Waivers.Additional Draw Information:Ø Signed Draw Request by borrower and contractorØ Signed All Bills Paid AffidavitØ GMG review and approve the draw request and will release funds for disbursementØ A check will be issued in the name of the borrower and contractor and delivered to borrower via USPSØ An inspection of work to date will be performed at 50% completeFinal Draw Information:Ø Signed Draw RequestØ Final inspection/Completion Certificate will be required for release of final fundsØ A Title Update showing property free from lien or encumbranceØ General Contractor’s Lien Waiver AffidavitØ Affidavit of Completion GR will review and approve the draw request and will release a check in the name of the borrower and contractor.Change Orders and Cost Overruns:Changes to the initial plan are not permitted unless prior approval by Guaranteed Rate.

We have an addendum that we serve if this occurs that essentially gives notice that the home has been abandoned, and if we don't hear back from the tenant in the prescribed period we will take the property back per state code.Check to see if Georgia has this same thing.Then update your leases to include this for future tenants.Or find a rental association that provides leases with these baked in.

Over the summer I used a VA loan to purchase a 3br/1b per unit duplex that I'm currently house-hacking, doing a live-in remodel on the second floor with the first floor totally updated and occupied with college students.

Keep us updated on the process! 

Painting walls, updating fixtures, or handling minor repairs yourself can save thousands upfront.Consider Your Exit Strategy: You’ve got the right idea;house hack for 1-2 years, then convert the property into a long-term rental.

Even link the 2 together to automatically update the calendars.

Huge update!!!!

When sdat and city taxes updates there will be no question though that could take months.A lot of the better pms void this by only managing in the better parts of Baltimore city or the suburbs. 

I got good at estimating renovation costs by making an initial estimate based on photos/walkthrough, drawing up a model like you see here, then once the project is finished, go to accounting, get the actual expense report for that property, and update the model.