Reason why is that you'll need to understand how to structure the LLC based on whether they will be equity partners, or if they're simply loaning you money.I would first figure out your strategy and then start putting the items in place to take in money when you're ready.

(List)What is the best way to determine and estimate the costs of fixing the items on the list to bring it back to "investable" condition for a flip.

We purchased a building in Jan with a bad tenant in Chicago, IL.The previous landlord had a simple 2 page lease without information about security deposit, etc..Now that tenant is suing us for not disclosing where we kept the security deposit funds among other items of missing paperwork found in ordinary leases.

So often, I see beginners make the mistake of thinking they will DIY and save money when the reality is, they waste more time which increases costs and they do not donate same quality a professional can do.

The inspection and attorney review period uncovered some unsavory items.  

@Inderpal Chadha I see a potential problem with Item 2, wherein your friend transfers the SFH to an LLC.

This is going to include everything to the attorney including the sheriff.I went out there this morning before the attorney scheduled the sheriff to see whether or not there were still items inside the home.

Maybe an agent caravan with a fish bowl for putting in price they think it will sell at and the top two items they do not like about the property.

Of course if you have only a $10k total rehab, that will typically take a bit longer than just a week, but when you get into the $100k and up rehabs, you want to be at or around $10k weekly.Time is your enemy on renovation flips as every week that goes by increases your holding costs (interest, taxes, insurance, maintenance, utilities, etc.) so when you can get to $10k completed weekly, you are saving money in holding costs.Another couple photos:Another additional item completed but not originally budgeted for was the new front gate, new cement at garage area, new gray fence on driveway and new black top coat on asphalt from street all the way down the driveway.

Or we do it when our specific conditions don't fall into the "normal" category, we can still propose a design that will work we just have to do more design calculations and "show our work" for the math behind it.The problem becomes not that we can't do it, but that every new item we propose has a level of scrutiny it undergoes before it will be approved.