One contractor claims he can finish the job in a day with three workers, while others estimate it will take a week.I'm not sure how to proceed with this situation.

Taken together, they'll likely cut your estimated cash flow in half.2.

I have had a couple of estimates to complete this work and it ranges anywhere from 40k to 75k.

Income fluctuates tremendously in most 1099 real estate occupations (being a Realtor included) so having that put away will be vital to your comfort and peace of mind as you get started.(1) figure out how your minimum monthly income needs (this may change as you move to a different city and get out of college life, so estimates are fine for now)(2) cut out everything extra until you've put away 6 months reserves(3) live way below your means so you have extra money to save and investGood luck and congratulations!

Multi-Family PropertiesStarting out, it's crucial to balance potential returns with manageable risk.House Flipping: While flipping can yield significant profits, it requires substantial experience in project management, cost estimation, and an understanding of the local market dynamics.

@Joe Jor brings up some great points and I like his suggestion for contacting the building dept.You may also be able to negotiate credits or for funds to be held in escrow - until seller removes open permits, violations, etc.Lastly, for estimates on the work that will need to be completed on the property, you could also contact an expeditor who services Westchester.All the best to you on your search!

That way you're not locked into the deal without getting an estimate and if the rehab budget comes in higher than $65k you can easily walk away- make sure the assignment says EMD is refundable if you do decide to walk.The 70% rule is a great rule of thumb.

Cash Purchase Price: $43k, Renovation & other fees: $66k, Estimated closing: $13k.

I estimated a conservative 75% occupancy on my current house hack but stay nearly fulled booked out.

Photos will not work on estimating.