Land acquisition, entitlement and zoning, permitting and site plan, construction budgeting, and then at that point, we do the last piece which is cost of financing.

In addition to some of the great advice above, I would put some serious work into your personal household budget and building up a substantial (6 month) emergency reserve fund.

Budget for the worst and buy low accordingly.

The project will most likely end up costing us $10-15K more than we originally budgeted, this comes from being new to all this and not knowing near what we know now!

I priced it only about 14% higher than the long term rental which matches traveling health professionals' budget on Furnished Finder.So I'm leaning toward longer term rental because even if I secure midterm tenant, that 14% more isn't really worth the potential vacancy. 

You won’t have to worry about which policy or carrier covers what, reducing the chances of delays or disputes between carriers.More Predictable CostsScheduled programs often allow for more predictable budgeting.

Do you have a budget and a financial goal Your trying to achieve?

Negotiations focused on maximizing value while keeping the acquisition within budget, ensuring a profitable flip opportunity.

San Jose and the Southern Bay Area were appealing but may be outside our current budget.

First, you always wind up being in for more than you budget, always, and two if you are cutting the capital requirement needed close then you can go under and default.Truth be told, to get through a deal and afford: Down Payment, Closing Costs, Holding Costs, Deposit for contractor, taxes, insurance.