First rehabs approaching - what do I need to do first?
I'm getting ready to do a "2-fer" and, with a partner, rehab two homes for rentals. My partner is experienced and I intend to ask him the same question I'm asking here (and I know he will thoroughly educate me which one of the many benefits of partnership) but thought I'd open it up to the BP nation to get all responses (which are most appreciated).
This will be my first rehabbing experience. Excited and nauseous at the same time . . . lol
These properties are literally a block apart & we hope to scale our resources and rehab them simultaneously. We have our partnership structure sorted out. We have our exit after rehabs worked out. It's all the million things in between that make my head swim . . . so as a newbie to this phase of this type of investing....
what do I do next? I mean this in terms of -
* tax prep - what do I need to get in front now before we take title that helps me at tax time next year?
* software or spreadsheets that will help track expenses - what do people suggest (I'm not a techy and don't have time to create something from scratch)
* chain-of-custody on working with contractors i.e., paperwork, documentation, etc.
* at what stage do we hook up with property management and aligning all that so we can rent out as soon as feasible after finishing the rehabs? Does this strategy differ at all if we are using govt funded tenant programs?
* builders risk insurance . . .
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* I will be holding these in my name as t-in- co n title after we refi out. . . .ironically I received an umbrella policy as from our car insurance agent yesterday . . .what is a recommended amount to hold?
And a million other things I just can't pull up from my brain. I searched a little on the engine - I'm hoping someone can paste up a thread link that encompasses a lot of these questions.
thnx in advance