You'll have to make a list of must haves and a list of wish items.To calculate your ROI, you have to run the numbers and look at the ARV.What are other people doing in the area?

When it comes to reserves, I dont use percentages for capex, I use real dollars, based on the age and life expectancy of large items (roof, hvac, water heater, and a buffer for other items).

@Matthew Paul What are your thoughts on a large cost plus 20% job and a request for a end of job bonus because the GC has lower-priced subs so your overall budget is lower than other estimates? 

I am both an investor and a realtor in the New Orleans area.

Would you could do is look at possibly doing two 3-plexs instead or a duplex and a triplex.

And a majority of auctions get postponed.

@John Warren, ouch what a painful experience for that investor, and a good lesson for all of us to learn from.

However there are a lot of decision to make and a lot of considerations.

I don’t want to make the mistake of setting up an LLC or S-Corp too late and running into problems, but I don’t want to deal with fees and a ton of paperwork for a business that isn’t creating income yet.

Lol.So, as you might be able to tell, I've got a lot to say and a lot to learn.