Hello, I'm exploring taking on my first flip project. I've done alot of reading and watching videos over the last 18 months. I've invested as a private lender into a couple flips. And what I'd love to get info on is the actual process and systems A-Z on a flip. I understand alot of the steps, but there are few steps where I'm not exactly sure how I should go about things.

Questions:

1. When searching for deals through a realtor or wholesaler and viewing homes, and not having that experience to just walk through a property and assess the rehab costs on my own, is it common practice to bring a contractor with you while doing a walkthrough to gage what needs work and how much it'll cost? Or do you have to put a property under contract first before that step?

2. When using private money to cover 100% of the financing, what would be the process of showing proof of funds after you sign the contract? Is it just as simple as obtaining a PML contract with the lender?

3. At what point does it make sense to use an architect? How much does their work generally cost?

4. When it pertains to design, do contractors do any consulting? Or is that solely on myself to come up with? What is common costs to have contractors do walkthroughs on SFHs and provide bids? As a first time flipper would you seek multiple bids from different contractors?

Thanks for your input! Would prefer to get the dumb questions answered on here lol