It could be that the decision makers were not aware of the ceiling on your budget.

Even better, I might be able to snag it well under market value since it's an estate sale that's been sitting on the market for nearly 200 days.Here’s the challenge: while I could afford to purchase the property under market value, I’d be stretching my budget thin to cover the mortgage during the period I’d be remodeling the basement to make it rentable.

How long are you usually spending on prep before you hand it all off to your CPA?

That property looks fantastic actually, I think sorting out the budget would be our biggest challenge.

I have been on New Western's deal list as well as another bigger local company and everytime I underwrite these deals there is very very minimal left on the bone let alone contingency funds for going over budget on the flip...

Martin the property management argument isn't really an argument if you look at the bigger picture that most investors don't want to manage their properties anyways because they are spending most of the time on their main job.

You want to have your financial house in order so you know what you CAN afford and what you SHOULD spend.

I’m from the NYC area, but the prices here are out of my budget. 

Eliminate debt, establish a budget, and save.

I’m unable to invest in areas familiar to me as I’m priced out of suburban NJ where I was born and raised.I’m looking to spend $150-$180K on a condo and will need to research viable areas.