Get rid of debt, build a budget, and save.

They are out to maximize their profits, so they buy cheap properties, do as little rehab possible and then try to sell for overmarket value if they can.Unless you plan on taking advantage of your relative, you probably want to have a chat with them to figure out what would be a good investment for them - Cash-on-Cash, ROI, etc.This will help you narrow your search, acquisition cost, rehab budget, etc., so you deliver what they want.Now, if you work extra hard and find a way to squeeze more money out of the deal, you should benefit from your hard work. 

This makes them an ideal place to find homes to flip because starting bids are usually well below market value, and the final sale amount only depends on your budget and your competition.Hope this helps Josh! 

Wholesalers are notorious for under budgeting for rehab.

For example, many flippers skimp on their budget for the repairs because they will paint themselves.

Below are the details:PurchasePrice: $177kCash to Closing: $22kRehab Budget: $60kInterest Rate: 11.25%, 12-month term, interest onlyMonthly Payment: $1,659-$2,175 per budget usedBoth realtors are advising me to rent the house to minimize my losses, but I’ll lose about $200-300 per month with a max $1,550 rent.

Get rid of debt, build a budget, and save.

Ripping out the wood paneling/disposing it is costly and drywall/mudding and taping for an entire complex is going to hit your rehab budget hard2.

With my experience and team in place, it got done but over budget and took 2 months longer.

I budget for that rate of vacancy and work to exceed that rate on average.