Estimated cost of construction

I am a new agent and have only done two deals but my BIC says they usual estimate is 3-5% of loan amount for the closing costs.

Based on how long projects typically take and even putting in a large buffer, I was estimating $4,000 would be on the very high end.

This is likely caused in majority to the high tax rate present in Texas also and you may be over estimating a few of your expenses.

Market comparables are important as we all know, but they can vary based on finishes and quality of work - so rather than just take the market estimate stated by zillow (as an example), I would ask a local realtor to provide a range of comps and then make sure as you renovating you're actually renovating with a house or two in mind.

The contractor's original work got "done" 5 months later than their original estimate with a billion excuses when we're actually able to get hold of them.

For example, if you are estimating that your total rehab budget is $50K and you've budgeted $3K for flooring, but your actual floor budget is $5K, then you're going to have to cover that from a different portion of the budget.

Her home is estimated to be around $240k and she owes $37k.I'm estimating repairs to be around $10k and I currently have $50k availableI am trying to think of a way that makes sense for me to purchase the house and take care of the repairs so she doesn't have to worry about coming up with any other money, while at the same time not tying up all my money for a long period of time. 

How do we estimate for the next tenant.

In addition, you will have to calculate repair/renovation estimates so that you can factor it into your offer.