First investment property

[Nestor Rosero]

I'm in the process of buying my first rental property in Newark.  Property needs total rehab and was wondering if anybody has experience with total rehabs, what kind of check list do you use, what should I be looking for.  How much is too much for total rehab?, what is a realistic number?.. I don't want to get in over my head, I have contractors coming to look at the property to give me estimates, I still have time to back out of the deal if the scope of work is more than anticipated, or possibly negotiate the price of the property.  all help will be greatly appreciated. 

[Ray Harrell]

I think you are jumping into this way too prematurely. If I were you I'd partner with someone who has done flips in your desired area so you get learn how it REALLY goes. If you don't know how to evaluate a flip/rehab, then I don't think it's time for you to do it.