Flipping Advice - indianapolis

[Monique Pett]

Hi guys! 

So buy n holds are typically my forte, but I'm venturing into flipping. Have an off market home in indy, they wan $50k for it. Contractor says $40k worth of work is needed. Comps are supporting listing at $150k. 

Contractor wants 30 down, 30% 50% complete 30% 75% complete, and 10% on completion. 

What other questions should I ask? How do you triple check comps to verify? What else am I missing? 

Thanks, y'all! :) 

[Regina Sloan]

@Kerry Noble Jr what do you use to run your own comps? We use our realtor right now, and sites like realtor and zillow, but unsure how accurate that is. 

@Monique Pett, the HML we are using only dishes out funds once project is complete and inspection is done. So, once kitchen is complete, they will have an inspection and pay on that, etc. As above, would not hand over most of payment until complete.