It will help you see things in another light when considering a RE deal.For instance, what may not work (50% rule) may work perfectly for you as a middleman (wholesaler) to someone who will sell retail.

When I left the home, the shed had no power running to it but it was wired for power at a later time if i choose to (switches, lights, outlets).

We spray the ceilings a flat black, paint the walls a light taupe, the floors a darker color on the same swatch.

Off the top of my head we look at the roof condition, windows, exterior condition (rotting wood, broken siding, cracks in brick, etc), gutters and downspouts, yard and landscaping, general curb appeal / potential, grading, light fixtures, trim, doors, driveways, sidewalks, etc.4)We have flipped houses with foundation issues, mold damage, electric overhauls, etc, so it is not what you need to avoid per say, but being able to put a price-tag on issues and accurately estimate rehab costs and value after the repairs are completed.

New construction is REALLY easy to ballpark, but isn't not for sure until you get solid plans in front of you.Simple jobs for small houses (Paint, carpet, new fixtures) look a lot like me walking around counting doors, windows, toilets, flush lights, etc. on my fingers and toes.

Rehabs, if work is light, can also use a vacant home insurance policy and you should have a liability umbrella of at least $1M in either case.

If not, then order some other flooring too.How about light fixtures?

You are light yrs ahead of the average guy.

Ali: I have not seen flip this house recently but the only thing I can tell you about getting Ideas watching infomercial and fix it shows late at night is that those same ideas do not look as good in the light of day.Good luck with your investing, You list some real concerns and I am sure you will get many more useful answer to your question from those who do many more rehabs than I do.

And things like repairing a clogged toilet and mowing the lawn are clearly OpEx.Of course, that leaves a whole lot of stuff in the middle: repainting an exterior, putting in hardwoods, installing new carpet, replacing a toilet, etc.In fact, you could argue that if you remodel an entire bathroom, it's CapEx, but if you replace the toilet today, the sink next month, the tub the following month, the flooring the following month, and the lighting the following month, each expenditure is OpEx.So, you can see that determining if something is OpEx or CapEx is not an exact science.As usual, the IRS has chimed in and tried to clarify things, but they haven't done a very good job of it.