Part of the preparation is knowing the zoning, and what processes will be necessary to move the project forward. 

In other words I can head up the project, I just don't have the money. 

@Matthew PaulI take my boys to my projects as well. 8 yr old can assemble a ceiling fan in 20 minutes, 9 yr old can paint an entire room and hang blinds.

@Kevin Wareham also 1 more question : will the home possible loan count projected rental income as income towards the mortgage payment?

I'm wondering what is the best and most professional way in approach another investor to try and convince them to let me be apart of their deal/project?

., I’d say capex is the same.For future assumptions I am a fan of looking at historical averages and projecting out.

@Dom ChitDom: Sounds like a fun project. 

Some flippers are doing close to that on sub 200k houses, so I can't imagine there would be much incentive for them to take on a 500k project with that slim of a profit margin.  

Those will turbo-charge your returns.On a side note, I would ignore anything on the long-range projections page. 

FlipsDistressed property No further than 200 miles from BoiseCash up to $150k, financing anything above2bd/1ba or largerBRRRDistressed propertyDuplex, 2bd1ba or largerNo further than 200 miles from BoiseCash up to $150k, financing anything aboveAny contractors looking for more business I'll be subbing out some of the rehab projects.