If one was to GC a new construction or a flip project (in NJ) would you need to take out a general contractor insurance policy or does the builders risk insurance policy on each property as well as hiring fully insured sub-contractors suffice?  

Hills Bank has always been willing to work with us on refinancing after a project. 

Im looking to try the Buy Rehab Rent Refinance and Repeat method for my next couple of projects.

You probably don't have the team to deal with this property and it won't be easy to find a good GC in mid-October all set to manage a project of this size.

Having to this made me cringe a little, the original strategy on the project was to BRRRR, but due to some hidden costs that popped up, renting it out no longer looked like a solid return.

As a new investor should I offer this to a seller on my first project?

@Jignesh SavaliyaDoes sound like quite a bit to stomach with regards to risk as a first project. 

I think it could take less than a year but folks usually think they can do this in 2-4 weeks and are disappointed;-)I'd see what's been done similar to your project in the last two years and check with those contractors, & developers for hard numbers, then meet with the Building Department and Neighbors.

However, the sponsor should have provided you with their projections/estimates/forecast of the property's cash flows, and a sample return on your investment (by year).

Bottom-line, if you ran your numbers thru the calculator with accurate projections as a rental (not as a owner-occupant) and show negative cash flow, I would avoid ithe properties in questions and keep grinding.