Now I know most of you guys starting out shoot for putting the least amount of money down out of pocket and try to get the rental flow to cover everything needed.

Until you get more of a handle on your unit pricing, you could just establish an hourly wage that covers your time, profit and overhead.

=PI didn't know I even had to cover the "Wood Destroying Organism Report" in the contract.

You may be able to get a slight premium, but probably not enough to cover the extra cost.

Things like appliances, window coverings, antique fixtures, etc.

The other way to overcome this is a blanket loan which is commercial but can cover as many as 10 properties under one mortgage.

I'll have pics this coming week, I had a agent I know in the area go out and complete a BPO for me (I bought it sight unseen) and he sent me a few pics through the windows, showing that it was completely gutted.I'll be covering the complete rehab on my blog most likely.

So If I just type up a short paragraph covering the extension dates and have her sign it, along with put up more money...... that will be sufficient correct?

So, to have enough money on the first loan to cover everything, you're going to need to buy and rehab for something under 60% of the ARV.

Give a cover letter and 3 articles from WSJ, Business Week, and Entrepreneur Magazines.