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. 

Hi Mike, Curious how your development project is going? 

He did provide a Scope off Work at the beginning of the project, but he never adjusted any of it for change orders such as substitution vinyl plank for carpet.

I'm going to go ahead and guess a project like that would be $500+ minimum if you're not DIY oriented. 

I am knee deep in rehabs at the moment on other projects.

It’s in Dallas Fort Worth area with around 6% cap.Some value add opportunity to raise the rent and potentially exit in 2 to 3 years.Current calculations project and IRR anywhere between 15 to 25%.Should I purchased now or wait until later next year, can expect potentially recession hitting or market correction; where I anticipate having a better deal to buy.

They will require some of your money for the purchase depending on the project to make sure you are putting some skin in the game.

I have a big project on a home I just closed on.

Also how much should you over estimate on every project for unforseen issues that may accrue?

There is no good or bad investment, it just depends on your goals, the price you pay, the time into the project and the return for your time/money.