The key is having the local Contractor write up the costs and tasks of the rehab quickly because we use that document to give to an Appraiser to arrive at the ARV, needed to approve the loan.

I'm a newbie looking to acquire my 1st rental shortly after I arrive.

I'll dig up the numbers and share how I arrived at the losses. 

And it's easy to see the decisions made along the way to arrive at a $3k loss...helped a buddy out, no financing required, saw the pot of gold at the end of the rainbow, had the skills and making a financial move with his daughter's dreams in mind as well.

They operate an unofficial mechanical shop out of their driveway which results in a junkyard looking backyard and all sorts of unsettling characters arriving throughout the day.

Guaranteed income disappears when they forget to get some information in and you realize it when the check doesn't arrive. 

Not knowing how you arrived at that number, I'd be cautious of assuming this is the actual ARV of the property. 

You can’t wait for the perfect market to arrive before jumping in.

So the day we arrive to start the job you pay 40% of the quote.

How did you arrive at the decision that subterranean is required?