One thing my wife and Iearned doing this was the noise from projects can be an issue. 

If you're wanting to use a GC instead of running the project yourself, then I'd ask a couple in the area what their mark-up is, and calculate using those numbers. 

I suspect it was a part of their process to change the electric utility as close to the projected move out date, but the tenant never moved out.

The area has appreciated very well over the past couple of years and we bought cheaper than we probably should have been able to, again through timing and where the builder was at on things- some of their other projects that were like ours in the same neighborhood were purchased a month later for $25,000 more than what we paid.

One of the biggest risks I observe with flips and first time investors are instances where the project goes over budget or gets stuck in mud, can't sell and even worse the borrower doesn't have the credit profile to refinance out to a lower interest lending source if borrower is required to hold the property as a rental. 

John - Would love to hear more about your NC project as we have a good presence out there as well (1-Mars Hill, 1-Burnsville, 4-Hendersonville). 

Also I’m curious, though: do you have strategies you rely on to keep projects on schedule, especially with contractors?

I'm starting my first BRRRR project and just closed on a property using cash.

A picture is worth a 1000 words and a project we helped someone on in the UP was able to gain support and approval by getting renderings done showing what the finished project would look like.

Everything always takes longer and is more costly than projected.