Carefully assess the scope of work, obtain multiple quotes from contractors, and factor in potential unexpected expenses that may arise during the renovation process.Remember to consult with professionals such as lenders, real estate attorneys, and contractors who have experience in the North Augusta, SC area to guide you through the specific regulations and requirements.Wishing you success with your investment property venture, and I hope these insights help you navigate the process more effectively.

Here is what I have so far:At any time before, during, after investment:I or any of my team unexpectedly dies, becomes seriously ill, or injuredAn impassable disagreement occurs between any 2 parties of the investment teamA member of the investment team fails(for any reason) to uphold their agreementBefore purchase:Incorrect property valuationInability to secure financing after earnestDuring Financing and purchase:Loan executor fails to follow through with the loan.Loan executor misleads or baits me with incorrect terms and conditionsSeller withdraws contractSeller tries to renegotiate contractSeller withdraws agreement to carry loanTitle issuesDuring rehabilitation:Cost overrun - If the cost to complete a rehab exceeds the estimated cost budgeted.Time overrun - If the allotted time to complete a rehab is exceededUnforseen issues - if issues arise due to unknown/hidden problems, termite damage, mold, etcProblematic Contractors - Contractors that want to increase the bid midway through the job, fail to pay their employees, don’t show up when scheduled, fail to consistently clean, low or no skill, do poor work, fail to carry proper insurance, do not use agreed upon materials and/or finishes, use the “you can’t see it from my house” methodology, dress and/or act not in accordance with accepted job site standards, live or sleep at the job site, steal materials, supplies, and/or tools, attempt to undermine my relationship with my real estate team including agents, investors, other contractors, clients or potential clients, places lien or sues, dies or is seriously injured during project, experiences major life event that prevents or hinders their ability to continue, contractor or their employee dies or is seriously injured on the property, gets OSHA or other governing body violation(s)Code Violations - Red flagged for failing to obtain proper building and/or work permits prior to beginning project, overgrown vegetation, etcProblems Specific to Rental Properties:Tenant does not pay rent or pays lateTenant does not pay utilities/trash serviceTenant causes damage to propertyTenant does not take care of maintenance and/or cleaning of propertyTenant smokes or has pets when these things are not allowedTenant makes unauthorized changes to the property, ie painting walls, removing landscaping.Tenant allows others to move in without adding them to the leaseTenant misused the property, ie drug lab, melting plastic in the oven, spray paint graffiti on shed, parks in unauthorized zones such as the grassSomeone injures themself while on propertyHouse fire, floods, other natural disasterMajor maintenance issues such as roof replacement, appliance malfunction, plumbing leak, etcTenant violates city code, ie noise ordinances, trash and debris in yard, etcUnavoidable costs such as normal wear and tear include failing appliances, scratched/scuffed wood floors, dirty paint, worn carpet, etc.After rehab:Property does not appraise and/or sell/rent for expected ARVInterest rates go higher than expectedProperty tax increaseStricter laws are put in place that prevent finance/refinanceThis is all that I could come up with.

Feel free to reach out. Let's

For example, after Hurricanes Florence and Hurricane Michael came through, they noticed mold around their ceiling HVAC outlets.

There was a lightbulb and an electric outlet that he plugged a hot plate into. 

We'll find out! Letting

Wow, that was unexpected. 

Assume that their all good.There are grounded outlets but not GFCI protected.Doors open and close.Seems structurally sound.House hasn’t been renovated from 1970s.Lots of popcorn ceilings and only one with a stain in it.MY ASK: does $30k still sound right?

It means there is normally someone on duty all the time too as one of the team can handle an unexpected situation and make sure the right person gets to sort it properly later.

Then we back into the number by subtracting out our required return, the cost of capital/carrying costs, closing costs on both the buy and sell side, real estate commissions, the scope of work cost from the contractor, and then we build in about a 10% contingency reserve for issues that might unexpectedly pop up.