Auction.com has an estimated ARV of $600k, but we are taking that number with a huge grain of salt since any comps close by seem to be more around mid 500s.A quick plus delta of the situation as we see it:+ great location (corner lot, water front on a small lake, good neighborhood with very nice neighboring properties, close to main road).+ REO with a motivated bank seller (assuming they will be dropping their minimum each time they put it up for auction?)

I am ready to get my first flip under contract .Currently I have 3 different estimates and i want to know if I should have my attorney prepare a contract for the contractor I choose to use to refurbish my house .Futhermore what and how do i have my attorney write this up ?

Arv is estimated between 125-135k from identical properties.  

They build in extra padding, so the unexpected does not derail the entire project.When creating your budget, make a room-by-room outline of work needed and estimated costs.

Divide the NOI by the cap rate, and that will give you an estimate of current value.

They have a rep fro over valuing and under estimating rehab expenses.

I think I found a good REI deal in Irondale, AL (outside Bham)I'm estimating a $130,000 purchase price, $1300 monthly rent.

They just charge $150-200 per day because its' too hard for them to make a contract and estimate priceThen the landlord pays for materials and the handymen work on the house.I think these landlords 100% of them consider these handymen independent contractors and NOT employees.I wonder what the solution isIs there a standard contract you can have them sign that at least says they 1. have own insurance 2. are independent contractors 3. are not employees 4. are independent handymen doing work for a property owner and not for a contractorIs there something like that or are the dozens of landlords and investors in my area just doing it wrong. 

These are rough estimates for learning purposes.

I have an estimated ~$60k of available sweat equity to use from my house hack.