I will use this info to better calculate potential profit on future houses we consider for flipping.SCOPE: new floors, cabinets, countertops (quartz), 8ft island with butcher block and prep sink, relocate powder room, add laundry room w/ stacked washer/dryer, new driveway, new vinyl siding (removed brick facade on front of house), new furnace/ac, paint throughout, carpet bedrooms, minor updates in bathroom, new front windows, new roof, update fire places, new appliance suite, fixtures, new lighting, updated electrical, some gutter and drainage work, new concrete patio to replace existing pavers.I drew this floor plan using MS Visio.

Had to replace carpet, bathtubs, kitchen sink, new appliances , add ceiling fans.

If you don't have a credit card, get a secured credit card through a bank.Estimating the repairs and expensesthere are many strategies for this. start out simply and refine as you get knowledge.Sqfoot x condition of house x class of houseSquare footage would be something like "2000"Condition good (paint/minor repair/cleaning $8) to bad (mold/fire damage $22+)Class of house A (1.5), B (1.05), C(1), D(.95)lets say paint, new carpet, sheetrock, cabinets, appliances 2000 x 10 x 1.05 = 21000 Determining selling price for fair sale as-well as fair profitget a realter to run comps for you until you can run them yourself.Knowing what needs permits and what is fair game for me to do my self.get a contractor in to bid on a property in your area and ask himWhat kind of properties to avoid and which ones to look for. avoid bad deals. learn to analyse and find the good ones.check out the podcasts http://www.biggerpockets.com/show10here is a good video on estimating. at 12:20 he has a simple rule.https://www.youtube.com/watch?

If it comes to this, obviously, there is no salvaging the existing hardwood.I used a hand scraped engineered hardwood for the new flooring, painted the entire interior and exterior of the house, landscaped, replaced the $500 range hood and a few appliances and the final result is in the pictures below. 

Lots of them use Rent to Own furniture and appliances and they abandon, everything.

I went out today and saved THOUSANDS on appliances at the big box stores black friday sales, including a super modern stackable front loading washer suite for under $800. 

The inspector said there was only minor things that need to be fixed (like curvature in the bathroom wall due to moisture hitting it, main door warn out, appliances are really old, tiles are cracked, uneven paint job, moisture in the cabinet below the sink, some electrical units wiring needs to be fixed as the hot is on the right, etc etc), but no major problems. 

Same with appliances and other items.  

Don't waste money on Stainless appliances (they scratch and dent).

I was told to look around for garage sales and if you see appliances on for sale that it may be a good sign that they are moving out or are disgruntled tenets.