@NATE S I agree, it is impossible to get accurate estimate, but you can come within 10% of rehab cost.

So it is impossible to say "how much builders risk insurance is without knowing the value of the home and thus, how much insurance you will need.The HML terms - they should not have any pre-payment penalties, thus, even if the contracted term is 9 months or even a year, the work and sale should still only take you 4-5 months, though I can understand you wanting to look at worst case scenarios.

@gil It seems like taxes in NJ make renting nearly impossible in most townships unless it is a multi-family property.

That also makes it impossible for the buyer to know what will be credited and what they must save in addition, if any, to credits to meet the down payment required by a lender.Most of these deals fail because the buyer has failed to be credited with the required down payment required for loan purposes.So, what about the contract?

It will be difficult to find financing for a deal with no experience but not impossible.

I would set ambitious goals that seem impossible at first and then break them down into manageable steps each month, week, day.

I know it is virtually impossible for me to get involved in real estate as I am only 16, however, I am curious as to if anyone had any interesting or creative ways that I would be able to.

I must provide receipts etc to prove all work but that is not an issue and I can now recoup almost $32k which I am very pleased about.Overall this has been the project from hell, bad contractors poor decisions on my part and the red tape of dealing with a bank on the rehab loan made it simply impossible to complete any other way than with my own money with hopes of recovering it afterwards.

Good luck finding a MF in SA w/ those kinds of returns, esp. if you need to hire property management.   9% cap rates aren't impossible to find on a pro forma basis, but the pickings are very think for cap rates @ 9% based on actuals.

This market is impossible!