Any guidance will be much appreciated.Here are some initial questions:How do I estimate the cost of insurance?

Location, type of construction, school zone, and the possibility of good equity accumulation.

So give yourself extra time to get the contractors estimate and work through that process. 

So, I’m going to meet with a lawyer in about 2 hrs to get an estimate on how much the two contracts might cost and am planning to ask a few questions about what’s legal. 

I would take pictures and get estimates on what it will to take to replace, repair and clean.IF you actually have to go to court take your documentation.

Also, JScott has a book on estimating rehab costs here on BP that would be good for you to purchase.

My best advice would be to look at similar homes in the neighborhood and estimate what your ARV would be based on those homes and their condition, and work backwards to decide which updates will bring the best value increase. 

Today I want to talk about a great lesson that I learned as I had more experience under my belt.It is the power of not having a wholesale every property that comes through my funnel.When I got started in this business, I only had one exit strategy...Assigning.I love this assignment strategy and I still do this a ton today.However, after accumulating some experience and capital, I can now say that having more than one tool in the toolbox is extremely beneficial especially in competitive situations.Here are three tips on why it makes sense to not wholesale every property.Tip #1 YOU CAN MAKE MORE MONEYMost of the time, you are going to make more money if you close on the property.

To find the "correct" amount of replacement cost coverage needed, ask to see a replacement cost estimate of the house (often times called an MSB as well). 

It usually helps me understand the market rather than guessing if one of two amounts is way off base due to one guy being pricier generally, or one guy missing something in his estimation, or different levels of quality, or sometimes what seems like random chance.