What I do with some clients is bring in a contractor and have them provide estimates after designated phases in the design process.

I recently got a WL policy designed for IBC use. 

The ones that have designations are usually pretty serious about managing properties.Good luck

That being said, you would want to find out if the 1st lender would be willing to sell the loan (hopefully at a discount), in  order to build in enough emergency runway, aka equity, for a crash landing).

Please note the information provided below is a layman's definition designed to provide a basic understanding for the general audience.

Sellers want to close as soon as possible, sounds like they're in court splitting it, local appraisers are way too slow, last time I closed they took 6 weeks to appraise.The property is structurally sound, however needs a new roof and a lot of finishing work to make it STR worthy, currently rented long termI believe it's gonna be worth $1,400,000 after putting about 120K into it, and the sale price is 1,000,000Sellers don't wanna deal with any repairs and looks like each of them just wanna get their fair shareThe property is in prime location, across the street from the beach

Startup costs include the acquisition down payment, any renovations needed to spruce up the property, and then design and furnishings.

We designed it to be a duplex but started rented out the entire home first until we saved enough money to convert it into a duplex.

We have 20k savings designated for RE and this would be our first home/property purchase so we may not even need to use that initially. 

I tried googling it to no avail, but this was in one of the documents from Virginia Fair Housing, that I thought was worthy to share: Q.