What made you interested in investing in this type of deal?

These are the type of things that tend to open up a can of worms.  

I own three rentals and my primary home, but now looking to branch out into fix and flips for first-time (and low income) homeowners.There are a lot of great programs for first-time homeowners.I would first recommend viewing the BP podcasts to find the investment type that interests you, as well as joining a local (and legit) real estate investing association.

My construction agreement includes everything, plans, permits, material, labor and its $155 a sqft without sale tax.

Also learn about which loan products are available to you and what they do.Then speaking with an agent should give you a clearer picture of what you're looking for, run sample numbers, what type of rental, etc. 

For example, transforming a dedicated home gym into a multipurpose guest bedroom or office can enhance the overall functionality and appeal of the property, making it more attractive to potential tenants with diverse lifestyle preferences.Unique Flooring Choices:Homeowners have the freedom to express their personal style and creativity by choosing unique flooring materials like brightly colored tiles, intricate patterns, or high-maintenance surfaces that add character to their homes.

What is soil type?

Those types of deals are few and far between, maybe impossible now, but seeing that was eye opening for me. 

This post serves as a detailed reference point—a compendium of real estate knowledge that delves into the fundamental aspects of this dynamic field.1031 Exchange: A tax-deferred exchange allowing the sale of one property and the acquisition of another with the deferral of capital gains taxes.1033 Exchange: A tax-deferred exchange for like-kind investment properties after the involuntary conversion of property.360-Degree Virtual Tour: A comprehensive online tour of a property providing a full view of the surroundings.401(k) Real Estate Investment: Using retirement funds to invest in real estate.504 Loan: A Small Business Administration (SBA) loan program for real estate and equipment financing.ABR (Accredited Buyer's Representative): A designation for real estate agents specializing in buyer representation.Absorption Rate: The rate at which available homes are sold in a specific real estate market.Acceleration Clause: A provision allowing a lender to demand immediate repayment of the entire loan under certain conditions.Accrued Depreciation: The total depreciation incurred on a property.Ad Valorem Tax: Property tax based on the assessed value of the property.Adjudication: The legal process of settling ownership disputes.Adjustable-Rate Mortgage (ARM): A mortgage with an interest rate that can change periodically.Affidavit of Title: A sworn statement verifying a property's legal status.Affordable Housing: Housing that is deemed affordable to low- and moderate-income households.Agent: A person authorized to act on behalf of another in real estate transactions.Air Rights: The legal right to use the space above a property.Alienation Clause: A clause in a mortgage allowing the lender to declare the full loan amount due if the property is sold.Amendment: A change or modification to a contract or legal document.Amortization: The process of gradually paying off a loan through regular payments.Appraisal: The process of estimating a property's value.Appreciation: The increase in the value of a property over time.Assessment: The valuation of a property for tax purposes.Assignment: The transfer of rights or interests in a property to another party.Balloon Mortgage: A mortgage with low initial payments that increase over time.Balloon Payment: A large, final payment due at the end of a balloon mortgage.Base Year: The initial year used as a reference for calculating operating expense increases in leases.Bill of Sale: A document transferring ownership of personal property.Breach of Contract: Failure to fulfill the terms of a contract.Bridge Loan: A short-term loan used to bridge a financing gap.Broker: A licensed professional who facilitates real estate transactions.Brownfield: A property with real or perceived environmental contamination.Building Code: Regulations specifying construction standards.Buydown: A payment to reduce the interest rate on a mortgage.Buyer's Agent: A real estate agent representing the buyer in a transaction.Buyer's Market: A market favoring buyers due to high inventory and low demand.Caveat Emptor: "Let the buyer beware," emphasizing the buyer's responsibility for due diligence.Certificate of Occupancy (CO): A document indicating that a property meets building codes and is safe for occupancy.Chain of Title: The historical transfer of ownership for a property.Chain of Title: The history of a property's ownership.Chattel: Personal property, as opposed to real property.Closing Agent: A neutral third party responsible for facilitating the closing of a real estate transaction.Closing Costs: Fees and expenses associated with the purchase or sale of a property.Closing Disclosure (CD): A document outlining final loan terms and closing costs.Cloud on Title: A claim or encumbrance affecting title.Collateral: Property used to secure a loan.Collateralized Debt Obligation (CDO): A financial product backed by a pool of debt, often including mortgages.Common Area Maintenance (CAM): Fees paid by tenants for the maintenance of common areas in commercial properties.Comparative Market Analysis (CMA): An evaluation of comparable properties to determine a property's market value.Condominium: Ownership of an individual unit within a multi-unit property.Condominium Association: A governing body that manages common areas in a condominium.Conforming Loan: A mortgage that meets the criteria set by government-sponsored entities.Constructive Eviction: Conditions that make a property uninhabitable, leading to the tenant's departure.Contingency: A condition that must be met for a contract to be binding.Contingent Offer: An offer to purchase a property with certain conditions that must be met.Conventional Loan: A mortgage not insured or guaranteed by a government agency.Conveyance: The transfer of a property from one party to another.Cooperative (Co-op): A type of multi-unit housing where residents own shares in the corporation that owns the property.Cost Approach: A real estate valuation method that estimates the cost to replace a property.Covenants, Conditions, and Restrictions (CC&R): Rules and regulations governing the use of properties within a development.Credit Report: A record of an individual's credit history.Debt Service: The total amount of principal and interest paid on a loan.Debt-to-Income Ratio (DTI): The ratio of debt payments to income.Deed: Legal document transferring ownership of a property.Deed in Lieu of Foreclosure: A voluntary transfer of title to a lender to avoid foreclosure.Deed of Trust: A legal document used in some states instead of a mortgage, providing security for a loan.Depreciation: A reduction in the value of a property over time.Depository Trust and Clearing Corporation (DTCC): A financial services company that provides clearing and settlement services.Development Agreement: A contract between a developer and a local government outlining conditions for a development project.Down Payment: The initial payment made when purchasing a property.Dual Agency: When a real estate agent represents both the buyer and the seller in a transaction.Due Diligence: The process of thoroughly researching and analyzing a property before making an investment decision.Due-On-Sale Clause: A provision allowing a lender to demand full repayment if a property is sold.Earnest Money: A deposit demonstrating a buyer's serious intent to purchase.Earnest Money Deposit: A deposit made by a buyer to show serious intent to purchase.Easement: The right to use another person's land for a specific purpose.Easement Appurtenant: An easement that benefits a specific property.Easement by Necessity: An easement created by necessity, often due to a lack of alternative access.Easement in Gross: An easement that benefits an individual or entity rather than a specific property.Egress: The right to exit a property.Eminent Domain: The government's power to take private property for public use with compensation.Encroachment: The intrusion of one property onto another.Encumbrance: A claim or lien on a property.Equitable Title: The right to use and possess a property.Equity: The difference between the property's market value and the outstanding mortgage balance.Equity Financing: Raising funds by selling ownership interests in a property.Escrow: A neutral third party holding funds and documents during a real estate transaction.Escrow Account: A third-party account holding funds for a specific purpose.Escrow Agent: A neutral third party responsible for handling funds and documents in a real estate transaction.Escheat: The reversion of property to the state when an owner dies without a will and no heirs can be found.Exclusive Agency Listing: A listing agreement where the seller agrees to pay a commission to the listing broker, but reserves the right to sell the property themselves without paying a commission.Exclusive Right-to-Sell Listing: A listing agreement where the seller agrees to pay a commission to the listing broker regardless of who sells the property.Fair Housing Act: Legislation prohibiting discrimination in housing.Fair Market Value: The price a willing buyer and seller agree upon in an open market.Fannie Mae (Federal National Mortgage Association): A government-sponsored enterprise that buys and guarantees mortgages.Federal Housing Administration (FHA): A government agency that insures mortgages with low down payments for qualified borrowers.Fee Simple Absolute: The highest form of property ownership.FHA Loan: A mortgage insured by the Federal Housing Administration, often requiring a lower down payment.Fiduciary Duty: A legal obligation to act in the best interest of another party.Fixture: An item permanently attached to a property.Flipping: Buying a property with the intention of selling it quickly for a profit, often after making improvements.For Sale By Owner (FSBO): A property listed for sale by the owner without a real estate agent.Foreclosure: The legal process of repossessing a property due to non-payment.Freddie Mac (Federal Home Loan Mortgage Corporation): A government-sponsored enterprise that buys and securitizes mortgages.Free and Clear: Ownership without any liens or encumbrances.Full-Service Broker: A real estate broker providing a comprehensive range of services.General Contractor: A professional overseeing construction projects.General Warranty Deed: A deed providing the highest level of protection for the buyer against title defects.Ginnie Mae (Government National Mortgage Association): A government agency that guarantees mortgage-backed securities.Good Faith Estimate (GFE): An estimate of closing costs provided by a lender.Good Faith Deposit: An amount paid by a buyer to secure a property purchase.Gross Lease: A lease where the landlord covers operating expenses.Gross Rent Multiplier (GRM): A ratio used to evaluate the potential value of an income-generating property by comparing its price to its gross rental income.Ground Lease: A lease where the tenant leases only the land and constructs their own improvements.Hard Costs: Construction costs related to physical improvements.Hard Money Loan: A short-term, high-interest loan used by real estate investors to finance a property purchase.Highest and Best Use: The most profitable use of a property that is legally and physically possible.Home Equity Loan: A loan using a property's equity as collateral.Home Inspection: A thorough examination of a property's condition.Homeowners Association (HOA): An organization managing common areas in a community.Housing Bubble: A rapid increase in property prices followed by a sharp decline.HUD (Department of Housing and Urban Development): Government agency overseeing federal housing programs.HUD-1 Settlement Statement: A document detailing closing costs in real estate transactions.Implied Warranty: Unwritten promises regarding a property's condition.Ingress and Egress: The right to enter and exit a property.Inspection Contingency: A clause in a purchase agreement giving the buyer the right to inspect the property before finalizing the purchase.Installment Contract: A contract for the sale of real estate where the buyer makes payments over time.Institutional Lender: A large financial institution providing mortgage loans.Interest-Only Mortgage: A mortgage where the borrower pays only the interest for a certain period, with principal payments starting later.Investment Property: Property purchased with the intent of generating rental income or achieving capital appreciation.Joint Tenancy: Ownership of property by two or more individuals with equal rights.Joint Venture: A business arrangement involving shared ownership and profits.Judicial Foreclosure: Foreclosure conducted through the court system.Lease Option: A lease agreement that includes an option for the tenant to purchase the property.Leverage: The use of borrowed funds (e.g., a mortgage) to increase the potential return on an investment.Lien: A legal right or interest in a property held by a creditor as security for a debt.Like-Kind Exchange: A tax-deferred exchange of one investment property for another, as defined in Section 1031 of the Internal Revenue Code.Listing Agreement: A contract between a property owner and a real estate agent or broker, authorizing the agent to represent and market the property.Loan-to-Value (LTV) Ratio: The ratio of the mortgage loan amount to the appraised value of the property, expressed as a percentage.Lock-In Period: A specified period during which a borrower cannot refinance or repay a mortgage without incurring penalties.Lot Line: The boundary separating one property from another.Low-E Glass: Low-emissivity glass designed to minimize heat transfer and improve energy efficiency in windows.Market Analysis: Evaluation of local real estate market conditions to make informed investment decisions.Market Value: The estimated value of a property in the current market conditions.Master Plan: A comprehensive long-term plan for land use and development within a community.MLS (Multiple Listing Service): A database of real estate listings shared among real estate professionals.Mortgage: A loan used to finance the purchase of real estate, with the property serving as collateral.Mortgage Broker: A professional who connects borrowers with lenders and helps facilitate mortgage transactions.Mortgage Insurance: Insurance that protects the lender in case the borrower defaults on the mortgage.Mortgage Note: A legal document outlining the terms and conditions of a mortgage loan.Multiple Dwelling Unit (MDU): A building containing multiple separate living spaces, such as apartments or condominiums.Negative Amortization: A situation where loan payments are insufficient to cover the interest, resulting in the unpaid interest being added to the loan balance.Net Operating Income (NOI): The total income generated by a property minus operating expenses, excluding debt service and income taxes.Non-Recourse Loan: A loan where the borrower is not personally liable for repayment and the lender's only recourse is the collateral.Notary Public: An official authorized to witness and certify signatures on legal documents.Notice of Default (NOD): A formal notice filed by a lender indicating that a borrower is in default on their mortgage.Offer: A proposal made by a buyer to purchase a property, including the proposed purchase price and terms.Open House: A scheduled period during which a property is available for viewing by potential buyers.Option Fee: A fee paid by a buyer to secure the option to purchase a property within a specified time frame.Origination Fee: A fee charged by a lender for processing a mortgage loan application.Owner Financing: A purchase arrangement where the seller provides financing to the buyer.Parcel Number: A unique identifier assigned to a specific piece of land for legal and administrative purposes.Planned Unit Development (PUD): A type of residential development with a combination of housing, commercial, and recreational spaces.Points: Fees paid to a lender at closing in exchange for a lower interest rate on a mortgage.Pre-Approval: A preliminary approval from a lender indicating the borrower's creditworthiness and the maximum loan amount.Prepayment Penalty: A fee charged by a lender if a borrower pays off a mortgage loan before the scheduled maturity date.Principal: The original amount of money borrowed in a mortgage loan, excluding interest.Private Mortgage Insurance (PMI): Insurance that protects the lender in case of default, typically required for conventional loans with a down payment below 20%.Promissory Note: A legal document containing a borrower's promise to repay a specified amount to a lender under certain terms.Property Management: The oversight and operation of real estate properties on behalf of the owner.Purchase Agreement: A legally binding contract outlining the terms and conditions of a property sale.Quiet Title: Legal action taken to establish or confirm ownership of a property.Real Estate Agent: A licensed professional who represents buyers or sellers in real estate transactions.Real Estate Investment Trust (REIT): A company that owns, operates, or finances income-generating real estate.Real Property: Land and anything permanently attached to it, including buildings.Refinance: The process of replacing an existing mortgage with a new one, often to obtain better terms or rates.Rent Control: Government regulations limiting the amount by which landlords can increase rents on residential properties.Rent-to-Own: An arrangement where a tenant has the option to purchase the rented property after a specified period.Resale Value: The estimated value of a property upon resale in the future.Residential Mortgage-Backed Securities (RMBS): Securities backed by residential mortgages.Reverse Mortgage: A financial product that allows homeowners aged 62 or older to convert home equity into cash.Right of First Refusal: The right to match an offer before a property is sold to someone else.Second Mortgage: A subordinate mortgage taken out on a property that already has a primary mortgage.Seller's Agent: A real estate agent representing the seller in a transaction.Seller's Disclosure: A document where the seller discloses known defects or issues with the property.Short Sale: A sale of real estate where the proceeds fall short of the balance owed on the property's loan.Survey: A measurement of a property's boundaries and features.Tax Lien: A claim against a property for unpaid taxes.Title: A legal term referring to ownership of a property.Title Company: A company that examines and insures title to a property.Title Insurance: Insurance that protects against financial loss due to defects in title.Title Search: An examination of public records to verify a property's ownership history.Transfer Tax: A tax imposed on the transfer of real property.Underwriting: The process of evaluating a borrower's creditworthiness and risk in mortgage lending.VA Loan: A mortgage loan guaranteed by the Department of Veterans Affairs for eligible veterans and service members.Vacancy Rate: The percentage of time a rental property is unoccupied, affecting overall rental income.Vendor Take-Back Mortgage: A financing arrangement where the seller provides part or all of the mortgage financing to the buyer.Walk-Through: A final inspection of a property before the closing to ensure it's in the agreed-upon condition.Wholesaling: A real estate investment strategy where an investor contracts to buy a property and then sells the contract to another buyer for a profit without taking ownership.Wraparound Mortgage: A financing arrangement where a new mortgage "wraps around" an existing mortgage on the property.Yield: The return on an investment, often expressed as a percentage.Zoning: Government regulations that control the use of land and the types of structures that can be built.Zoning Ordinance: Local laws or regulations that specify the permitted uses of land and the requirements for development.This dictionary includes a wide range of real estate terms, covering various aspects of the industry.

I think good honest GC's are a necessity when it comes to scopes (of course I'm talking about bigger type projects, not just paint and small drywall repairs.)