Unless you have some experience with construction or real estate, I would probably stay away from flips in Dallas for your first investment.Basically whatever budget you have and however long you plan on the project taking, double both.  

I’ve been involved a couple of construction related suits, it’s never fun, and you’re not likely to be happy with the outcome.  

I am familiar with his work, families know each other the whole nine.I financed it with hard money, front loaded the construction contract (So we could get ahead concerning draws) and spotted contractor 15k out of pocket to get through soft cost and get the project rolling.

I didn't think much of this until the inspector told me that he had seen people turn attics similar to this into additional brs + bath.

@Nicole Richards Many of the answers you are looking for can be found here: How to Effectively Conduct Joint Venture Agreements as a Real Estate Investor596231-how-do-i-properly-construct-a-purchase-with-a-partnership591376-create-an-llc-for-first-partnership-best-way-to-do-so526244-taking-on-partner-s-and-limiting-our-liabilitesGood luck!

I have about 30 years of construction management and I held a real estate broker license for about 30 years and I might sound opinionated but I'm speaking from my knowledge and my heart about this. 

To all my insurance agents, Real Estate Lawyers and Experts,General Liability Insurance and Builder Risk Policy are needed during a constructions.

if those are lots in a major metro area with a ton of new construction and infill.like Portland or Charleston or charlotte or other really really hot markets.. this would be as simple as sending it to local builders which are the ONLY buyers.if its rural not much activity it takes a lot of time sometimes years to sell vacant land.and given the fact that there is a pressing family need..

I have a background in construction and am able to fix my own property to an extent.

I am going to revaluate/revisit the numbers and will share my revised number with you.Once again, Thank you for your constructive feedback.