Unless you are an experienced builder, securing a bank loan can be difficult, and hard money loans often have high interest rates, which can become costly if your project faces delays.

It sounds like there are serious issues that the previous owners never wanted to fix or were too costly.  

Both properties fall into Class B- category and has no HOA and no rental restrictions.Here are the details for each property:Property 1:3 Bed, 2 Bath (1020 sq ft)Purchase Price: $250,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $50,000 + $30,000 (rehab) = $80,000)Projected Rental Income Post-renovation: $2100/monthProperty 2:2 Bed, 2.5 Bath (1168 sq ft)Purchase Price: $230,000Moderate rehab needed (Kitchen, floor, bathroom sink vanity, light & fan fixtures, interior paint)Rehab Cost: $30,000After Repair Value (ARV): $295,000Down Payment: 20% (Out of Pocket: $46,000 + $30,000 (rehab) = $76,000)Projected Rental Income Post-renovation: $1900/monthThe location is moderate, with amenities like shops, restaurants, a mall, and a baseball stadium within a 5-mile radius.Considering buying both as they are in the same building, the total cost and income overview would be:Total Price for Both Properties: $478,000Down Payment & Closing: $96,000 + $10,000 = $106,000Total Renovations: $60,000Total Price (Including Renovations): $478,000 + $60,000 = $538,000Total Out of Pocket: $166,000Projected Gross Rent Monthly: $4000The rate of interest for the mortgage is 7.5%.I am currently evaluating: A) The break-even point for two townhomes considering a cash investment of close to 32%.

Since I'm just starting out, I wanted to invest in new construction property that will likely have lower maintenance costs in the short term.How did you find this deal and how did you negotiate it?

If you spend your time trying to fit 2019 methods into a 2024 market, you'll never make any progress.

Repairs cost more than anticipated  

Could anyone share their experiences or timelines tracking regarding the initiation and costs of property renovations?

If you decide to go that route, hire an experienced management company and underwrite very conservatively otherwise you could get ruined by high maintenance & turnover costs and potentially evictions.

You can go to another CPA that just files and doesn't really look into your financials and their cost could be less but you're actually paying for it in the long run.

Hi bought ten lots of land in Sebring Florida its R# zoned paying for upfront construction cost need help with getting a mortgage once its built so I can continual to build on  the rest of the lots going to be about 18 homes made of containers I have 3 other investors working with me.