Total gut rehab, everything new - 3 br 1 and 1/2 bath.

We have bought turn-key to total cosmetic guts.

My gut told me that I was being played, but I didn’t want my gut to be wrong.

Sometimes it boils down to a very unscientific "gut feeling".

Parents owned a rental when I was younger, a few family members own their own successful businesses, I aided a general contractor in a complete gut and rebuild of a commercial property and I have unknowingly networked with a few real estate agents, investors, general contractors and service techs through various jobs and hobbies.

Both families are coming into town this week, so I will be meeting with them to view the property and will likely go a lot off my gut what kind of people they are.

Still do buy/repair/sell and buy/teardown-build/sell.Best advice I can give you is... don't go straight from paint and carpet (or even "guts") to new construction.

That's really my thought as well, but as I am somewhat new to being a landlord and screening my own I wasn't trusting my own instincts.

He told me (which I already knew to do instinctively and thanks to reading here at BiggerPockets, but good to be reinforced) to put together a lending package that included: 1) a cover letter explaining the credit history; 2) an "About Me" profile on myself, explaining how my career experience and other factors will translate to success as a a local income property investor and property manager; 3) an "About My Team" profile demonstrating that I have the network and support to succeed.I am fortunate to have a kick*ss team and, frankly, a similarly strong toolkit of personal attributes that don't necessarily ensure success but make it a helluva lot more likely.

Here we go:Purchase price: $51,500Survey and other closing costs: $1,400Rehab budget: $59,000 (complete gut, 4th bedroom addon, deck, demo load bearing wall, minor foundation issues, etc)Holding costs (assuming 6 month hold): $3,500 (3.25% HELOC, taxes, insurance, utilities, lawn care)Conservative sales price: $150,000 (could easily run into the 160-170 range if I'm lucky)Agent Commissions: $7,500 (5%)Buyer Concessions: $3,500 (estimate)Staging: $2,000 (conservative)Total Net Profit before taxes: roughly $21,600I've been working very closely with a contractor and realtor husband/wife team over the past 3 or 4 months finding a deal and he seems very confident in his budget as he's flipped several houses in the past.