A lot of them basically wing it price wise. 30k for a full guy job would probably be a great example of a contractor who's just kinda winging it and probably doesn't know much about running a business. 

I don't mean to insult your family member but maybe you should explain that it's not wise for a renter to own two pets when they can't even qualify for an apartment without using a cosigner.

I recommend trying Loan Depot since it seems like they’re one of the few lenders out there who can/will offer it and don’t put a hard cap on the rehab cost (as long as what you’re trying to do rehab-wise is reasonable obviously).

But tax wise I wouldn't want several flips each in their own LLC. 

@Kathleen McCabe If you buy wisely then timing shouldn't matter.I'm an experienced investor and I'm a little nervous too--less about a real estate "crash" than about a recession and a downturn. 

They will be able to let you know what kind of shape you’re in credit wise so you can gear up for that initial purchase.

Although no one can predict the peak of the market, isn't is wise to avoid buying at downward moving market?

Financing wise, I would definitely bring a partner or so with more experience in for the first couple deals at least.

You Might find a lender who would let you in with no money down, assuming your seller would take her $250k as a Second mtg, which of course wouldn’t be wise for her.You’re going to get suggestions to propose a sub2/ wrap mtg for the whole $400k...again, not smart for the seller.How much Do you have to put down?

Obviously it’s a wise move but at the cost of your marriage be careful.