If one was to GC a new construction or a flip project (in NJ) would you need to take out a general contractor insurance policy or does the builders risk insurance policy on each property as well as hiring fully insured sub-contractors suffice?  

Hills Bank has always been willing to work with us on refinancing after a project. 

I've had someone look at the roof, the stove and the hot water tank already, but need to forward their estimates to my attorney to escrow the funds to them for fixing.  

Im looking to try the Buy Rehab Rent Refinance and Repeat method for my next couple of projects.

You probably don't have the team to deal with this property and it won't be easy to find a good GC in mid-October all set to manage a project of this size.

Having to this made me cringe a little, the original strategy on the project was to BRRRR, but due to some hidden costs that popped up, renting it out no longer looked like a solid return.

As a new investor should I offer this to a seller on my first project?

@Jignesh SavaliyaDoes sound like quite a bit to stomach with regards to risk as a first project. 

I fund teardown/rebuild projects all the time. 

However, the sponsor should have provided you with their projections/estimates/forecast of the property's cash flows, and a sample return on your investment (by year).