Also discuss with the contractor the time expected for the project if its small, mid or large and if it needs permits and how long would it take for permitting and all, also payment terms, make sure you go with payment terms that are fair to you and the contractor (so many terms but most common is monthly based on completed work with an upfront for materials) and ALWAYS keep the last payment until project is closed (retainage) and you do your walkthrough and if there's any issues you write them down and provide the contractor with (punch list to release the retainer once they're corrected or fixed). read about how to deal with contractors and always ask for references but it really depends on how big the job is, personally I wouldn't spend too much time doing due diligence on small jobs such as door latches or shelving rather on additions, layout change and other scopes.Good luck!

We may be buying and completely gutted house soon and hope the things I want inspected (basement walls bowing, sewer pipes, and basement floor) don’t turn out to be too expensive to fix everything should turn out pretty good for that property as long as comps support it.

If you're going to start renting out your primary then you really should look at putting it in an LLC for asset protection but you need to do it properly and make sure you observe other rules relative to asset protection like keeping your personal and LLC banking completely separate.

Market rate is $190k per unit.I'm really excited about the potential of this investment, but I want to ensure that I'm making sound financial decisions.

An example would be if he bought it for 200K and it is completely depreciated an sells for 300K.

Interestingly, if the program is ultra-effective, the price of a median home in the US will only have to go up a corresponding 2.5% to completely erase the $10k benefit of this credit (median home price today is $417,700 * .025 = $10,442.50).

These same owners get mad when we do not start the project at risk and get mad at us instead of themselves.For internal teams, it would be that there is always so much stuff going on and frequently no person is able to be made accountable for the work that is or is not completed.  

Keep in mind I have not completed any sub2 deals. 1.

Sounds like you have a nice, well appointed house in a desirable location which is the recipe for success!

^^ it’s definitely not as easy as people make it sound.