Suggestion:- 30% down on purchase/renovation costs (minimum)- 8.5 - 9.5% interest rate- 15 year am"It's just like a contractor doing a job.I can go out and find someone quick to paint my apartment unit for 500 OR I can take some time to find a painter that I can get to work for 75.00 a unit that does a good job.I believe finance is the same way in that there is a bunch of money wanting to lend at rates and conditions that are not attractive to a buyer.So you have to find a lender willing to take less than the majority so you have an advantage.A question I have thought about is would you target one really wealthy investor or a bunch of smaller loan investors??

If I'm concerned about a potentially big issue (structural, mold, etc) that I can't evaluate before I put in the offer, I'll include a 3 day due diligence contingency.But remember, between the time you get your offer accepted and the time all the contracts and addenda are signed by all parties, you have a few days to do your due diligence, get contractors to give bids, etc.

Hello, I am wondering if there is a contract or way to partner on a single deal.

I have heard good reviews about this product: http://www.thereinforcer.com/It's a product that can be installed by the homeowner (or your contractor) and is a huge cost savings over digging along the exterior foundation wall to shore up the wall with fresh brick and mortar.

Now, if he tries to fix an electrical service panel without being a licensed electrician and causes a fire, I can see how he can be held personally liable since he was acting outside his "scope" - he's supposed to be a manager, not a contractor.

But we did find an excellent contractor, an excellent realtor, plus we learned a ton!!

If you are not a contractor yourself, then bring one in and have him bid or ballpark the rehab for a few different finishes depending on the neighborhood (i.e. rent ready, owner occ, high end owner occ) Make sure he is a well respected contractor and then pass his bids to the person buying.

Darrell, I will have my contractor to come back to do the structural repair.

Here's was my Pre-Purchase Checklist when I first started:Upon Contract AcceptanceEnsure Access to Property: * Make Copy of Property Key(s) * Purchase New Lockbox * Place Key(s) in Lockbox and Install at Property (hidden)If Certified Funds are Required for EM: * Get Certified Funds for EM from Bank * Submit Certified Funds to AgentIf Financing the Purchase: * Send Contract to Loan Officer * Provide Loan Officer Property Info * Connect Loan Officer with RE Agent Info * Have Loan Officer Schedule Appraisal * Make sure Loan Officer Knows Anticipated Closing DateDue DiligenceInspections: * Turn On Utilities for Inspection (water, gas, electric) * Schedule Termite Inspection * Schedule Property Inspection * Attend Inspection and Take Notes for “Scope of Work” * Get Final Inspection Report and Review for “Scope of Work” * Get Termite Letter/Pest Inspection ReportContractor Prep: * Create Scope of Work * Create Materials List * Determine Which Contractors Are Needed: * GC * HVAC * Roofer * Electrician * Plumber * Pest/Termite Control * Painter * Landscaper * Carpenter * Schedule GC Walk-Through(s) * Get Contractor QuotesPurchase Decision: * Perform Final Financial Analysis Using Estimates/Quotes * Perform Both Flip and Rental Analysis * Make Go/No-Go Decision on PurchaseUpon Contingency FinalizationFinal Purchase Prep: * Get Closing Date from Lender/Agent * Arrange Landlord Insurance Policy * If Financing, Connect Insurance Agent with Loan Officer * Follow-Up on Appraisal with Lender * Choose a General Contractor * Choose Sub-Contractors (if no GC) * Determine Exit Strategy * Create Rehab Schedule (if no GC) * Create Final BudgetPrior to ClosingFinal Loan and Closing Prep: * Obtain and Review HUD-1 * Obtain and Review GFE (if financing) * Ensure Loan is Ready for Closing (if financing) * Get Certified Funds for Closing * Determine How to Hold Title * Get Partnership Agreement Documents Signed (if partnering)Upon ClosingDay of Closing: * Get Keys * Change Property Tax Records to Home Address * Get GC and Sub Contracts/Docs Signed * Arrange GC and Sub Start Dates

You are also basing ARV on converting it to a 3 bed 2 bath.I wouldn't touch a conversion unless there are other 3 bed 2 baths on the street.If just mainly 2/1's then you are going to have appraisal problems and getting buyers to offer on it.Nobody usually wants to own the most expensive property on the street because it appreciates the least and in a down turn loses the most value.Also I believe "I am not sure" but maybe Will knows is that the HML lender wants a qualified contractor to perform the work and will release the money draws once stages are completed.Also some of the work the city or county will require a license for you to do and you will not be allowed to complete the work yourself.It depends on local codes and what they require.You also have to factor in carrying costs and do overs.If I do something that normally costs 1,000 using a professional myself for 600 with parts but it takes my 3 times longer to do it and I mess it up and have to buy parts again then it's not smart.What you have to do is to find qualified contractors to get the job done quick at a below market price.You keep repair numbers low this way and turn times high.If you start a flip a certain time of the year and miss your list date you can be in a world of hurt when the slow season comes rolling in.You might sell at a real low value or not at all while holding costs from the HML eat you alive.You will also many times need good credit as all the HML's I talk to like to know if the investor has trouble selling the HML has a regular lender they partner with to put the investor into a regular loan and pay them off.