I'm a contractor, so I have a general sense of the costs for a rehab, but will be extremely vigilant when moving through the improvements.For point of reference, I've got a contract on the house for $23k and estimate $25k in rehab expenses with an ARV of approximately $82k (according to my Realtor).I have three goals: 1) Make some money for my investor so they will invest with me in the future, 2) learn from this project and 3) make a little money for myself.I'm willing to sacrifice my own cash to make sure I can do more of these with my investor in the future.Thanks again for the post.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookYou might consider Niche or Specialized Housing like student housing.

haha kind of like we do with sending the mailers.I'm just trying to get a little help, the more eyes I get on the post the better chance I get of someone helping me. :-)

You didn't mention the source of the furniture to come up with the $2 to 3K estimate.

.· Adding a studio in the attic, below average chance of getting a variance from the town, and it will increase expenses.· Adding a 3rd bedroom to the 2 bedroom unit, again need town approval and will increase expenses Lost rent during work, construction cost, but would generate about $300 more a month in rent.· What about short sale?

<<==>>“If you don’t design your own life plan, chances are you’ll fall into someone else’s plan.

Once the bid is submitted then I will need to give the city 25% of the estimate in an escrow account that they hold until I finish all the repairs.

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookGood LuckPaul

My concern is that by buying the investment house first, I ruin my chances at getting a less than 20% down loan on the 2nd home, where I'd really plan to settle in.