As long as you are honest with yourself about how sure you are about your estimates you should be able to use project management skills to bring the project in near to the estimate you planned. 

Was wondering if anyone has any experience in this in south jersey or surrounding area to help shed some light on cost of project along with tips to starting out.

Your risk tolerance is going to be huge, I have had a few projects that were uncomfortable for me to work through and I would have gone about them differently knowing what I know now.

Norman,The policy I used most often on the fix & flip situation you described is a "Renovation Builders Risk" policy.  

Completing some renovations does not always make sense economically (price you put in not worth the price you get out). 

Many private REITs are less volatile due to the fact that they are valued quarterly by private institutions rather than in real-time (with forward projections and assumptions priced in) by the capitalistic marketplace.

The challenge lies in managing renovations and the surprise costs that can come with them over time.New construction, on the other hand, tends to be simpler with less immediate maintenance and potentially better loan rates, but you may have to accept a slightly lower cash flow due to higher purchase prices.In the Atlanta area, there are several hotspots for new builds with great long-term investment potential, as well as older homes you will need to pinpoint which type to best advise here.Hope that helps streamline your decision-making!

The current company I work for provides both renovation/make ready as well as management services.

Happy to connect and learn more about this current project to how we can help. 

We do complete rehabs and house renovations.