Along with the financial side, the project management side is also invaluable and will help her in future careers.2.

Already looking for the next project ;). 

You need to know if you can refi and not have to sink more cash in to the project down the line.You can ask for interest only payments if they are asking for a balloon. 

Projecting revenue is easy. 

The house should be ready to rent by early April with a goal of having it rented by May 1.I plan to refinance the property in May once the project is complete and the house is rented out.  

And in fact, it likely makes sense to projecting exiting at a discounted cap rate to the current market cap rate - you should still be able to make money, otherwise why buy in the first place...?

We hear horror stories of contractors smoking inside projects or using the cheapest grade of materials and have been called to correct another contractors work (more expensive than our original bid).

@Erin Wicomb That looks like an ambitious project, I would love to see it come to fruition.

Well, there are a few different ways to do this, with each way being a better fit depending on multiple variables such as risk tolerance, available time to run a project, the interest in running the project, and emotional grit.

They'll also then be able to reflect these strategies on your return.If you are going to be doing lots of deals, consider a CPA that understands setting up systems within your business that can help you make better decisions and make more money (weekly profitability reports by property, weekly project reports on rehabs, etc.)And finally- if you are planning on doing your own taxes, don't do it the first year.