In my view, a good way to assess whether a contractor may be a match for what you're looking to accomplish is: (a) Walk through a recent remodeling project or two done by the contractor (this one is important if you already know the quality level you are trying to get), (b) Get addresses of recent projects and check how quickly they sold through MLS, (c) Talk to the property owners who hired him for remodels and see what they say.

This is a great first project for me since I'm starting with close to no capital and will need to maximize profits as much as possible.So far, all the carpet and flooring has been removed, kitchen remodel has begun, we've gotten two quotes on HVAC (the home has central heating and ducting already installed, just needs a unit), and yesterday we had our drywall guy scrape the popcorn ceilings and add a texture (which is much cheaper than floating all the ceilings flat). 

It was purchased by the seller in 2003 and extensively remodeled in 2004.

I then cash out refinance it for its remodeled value and get the full 80k (bank will only loan up to 80% of value).

New water heater, newly remodeled and they just put central air in the front and back house.

Please leave comments as this will be a factor into the future way ahead (your feedback will be considered for what to do next).Background: I started buying real estate (RE) and in 2003 and generally bought, remodeled, and rented out houses.

Then remodeled the home completely and rented it out again.

My agent expects the unit to sell for $530k, but I am assuming $520k into my calculations just in case.My remodeling costs are coming in much higher than expected - I am trying to keep it to $23k to earn a ~$23k profit.

We attempted to get a mortgage for a new home for $300k ($250k for the house, $50k for remodeling), which would be totally feasible with our income of $160k and current debts. 

Assuming no issues the first year, reserves would be met in 11 months.I have done this for all of my properties and have replaced everything from roofs to hvac systems to bathroom remodels. has done very well for me as i have purchased 12 doors ( 2 fourplexes, 1 duplex, 2 single family) in less than five years.4.