I've officially rolled out the red carpet for some self-promotion. :)

CFDs not regulated but in general considered to ‘be messy’.  

I'm also thinking about buying a slight "fixer-upper" for less than my budget and putting some renovations into it, but my realtor stated that the only things I can do with a FHA loan are minor cosmetic renovations like carpet, tile, cabinets. 

Painted, refinished floors, new appliances, new lights, new carpet.

This will help you get a better idea of what tile, hardwood, carpet, plumbing fixtures and light fixtures costs for your rehabs.#3 Contact Local Contractors for PricingCall local Subcontractors and get budget pricing for common repairs on your typical rehab project.For example, call a roofer and ask what their average cost per Square of Architectural Asphalt Shingle Roofing would be on a 1,500 sf house, with a 6/12 pitch.Note: Some contractors will be reluctant to share pricing without seeing the property, but tell them you are just looking for a rough budget number you can use on future projects.#4 Compile Your Prices into a Spreadsheet or Estimating SoftwareOnce you start to get a better understanding of Labor and Material costs you will want to store this data into a spreadsheet or software that you can use to help you streamline the estimating process.The Book on Estimating Rehab Costs comes with a spreadsheet that you can use to help you populate your own database of labor pricing and material pricing.

Carpet is.... years.

I did move out cleaning and carpet deep clean before moving out. so based on our discussion if they agree my handyman can do the job at a cheaper price, I am planning to take that route.

Just like @Lacy Tilley I didn't do one in the triangle, mine was Chicago suburbs, but I would recommend taking advantage of that first month you don't need to pay a mortgage, not living in the property while you gut or do the major/messy work, and rent or live with friends/family.

Scope of work to upgrade unit, needed to drywall and paint the entryway, put on new molding, tore up old carpet in dining room and living room and put down vinyl hardwood flooring.

A few months ago they asked if they could replace the carpet in a few rooms at their expense.