I just finished my first BRRRR in Jax, have my second in the rehab phase in Castle Hayne and I am under contract on a property in Wilmington which will probably turn into a flip (too big to rent probably).

Thank you all in advance for those “lessons learned.”David - I never purchase the land until I get all of the entitlements and permits and hi Ty the purchase price of the land to the density granted so if you get less than you’re looking for you can reduce the purchase price.Also I begin with the end game in mind and make sure that I have Builders lined up ready to take down the lights when I’m finished so I know what my profit is in advance.If I’m building the houses and developing the land I make sure the market can absorb the inventory at the price point I am projecting and I work everything backwards from there. 

After my grandmother sold her house, she rented for 5 years when she was in her mid-late 80s until she moved to a place where she didn't have to cook. 

I’ve got a list of 8 community banks I plan on calling when I’m closer to finishing the rehab.

Our plan is to finish the rehab (15-20k) making that property on an acre worth about 120k and rent it out for $1100 on a lease option and increase the rents on the other properties to $740, $625, and $700.

We had to finish renovating our unit, bought another duplex and renovated our level again- all before baby was born.Ok that’s the backstory!

This means understanding the cost of various finish decisions as well as their associated return for the area.  

After that we did a full gut job rehab on the condemned unit including new cabinets, counter tops, appliances, shower, vanity, toilet, light fixtures, plumbing fixtures, refinished the hardwood and put LVP in bathroom/kitchen and finished it up with a fresh coat of paint.

Your problem is that in the bank there is 0 chance of them losing any money and with you they could actually lose more than what they put in.If I put 10k in a bank I am certain that 2 years from now I can drive up and pull my 10k back out.If I give 10k to you you could spend my investment either doing a crappy remodel or not even finish the remodel and then walk away. 

I've done 2 flips around the Hagerstown area, and just finished a property I'm trying to rent in Funkstown.