I am working on a mock real estate development project submission, and I am looking for some general rules of thumb on how best to estimate the following:1.  

Hi investors i am new to rei and I just wanted to know how do I get rehab estimates and what's the best way to go about it?

It gives you the best chance to be successful!

Then there is still a chance of getting dragged into a suit.

Hello my name is chance buchner.

Chances are, they won't care, because in all likelihood $120k won't cut it anyway]. 

@Tim StewardI would suggest you get J Scott’s books “The Book on Flipping Houses” and “The Book on Estimating Rehab Costs “.  

Take a little more time to educate yourself on a few things:Market analysis: you need to do more than look at tax records or a Zillow estimate, both of which are bad toolsAnalyze rentals: 50% rule, 1% rule, 2% rule, and BP calculators.

Or are my estimates too conservative?

@Sang PakYou always have a choice...don't listen to anyone who tells you otherwise...FIrst and foremost - you need to clarify if the $3500 is TOTAL estimated closing costs or relates to just the loan origination fee.I am also confused because you mentioned that the offer was accepted by selling agent and then you mention you were afraid of the seller getting in another offer...If the offer was accepted - What is the closing date scheduled?