2- Unit-Former Church on 1st Fl - Help me analyze this deal

[Pamela Swanigan]

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Beyond whether the numbers work - I need advice on how critical are blueprints during the acquisition stage.  I purchased schematic drawings for $1,200 and developed a fairly comprehensive SOW I would like to have the contractors use to give me a quote.  I'm going to get at least 3 quotes. I want to use Bargain Outlet to do the layout for kitchens and baths.  I have overall sf for both kitchen 102 sf and bath 67 sf. 

I'm being advised to get blueprints now because the 1st floor is wide open since it was formerly a church.  The cost for blueprints is another $3500 -- lowest quote I've received so far.  Is it reasonable to expect a good contractor to give me a solid estimate and build out the 1st floor without blueprints.  Can't they map out what needs to be done from the schematic drawing?  Or am I being penny wise and pound foolish?  

My other option was to take the most responsible bid price, tack on another 20% and then buy blueprints after I've gotten financing finalized -- and before I sign a final agreement with the selected bidder. I would have them use the blueprints to negotiate a final price. I have about 40% of the cash to finish the job.

Your thoughts?  What am I missing?

Thank you!