Capitalization - the successful wholesalers I know spend $10k per month on marketing.  

If you have more time than money then you can spend your days D4D and manually doing lead generation. 

What's relevant is him hitting the contractual budget, with little exception. 

In most cases, the property manager ends up being the one truly running day-to-day operations, which makes it hard for the IRS to see you as “materially participating.”To meet REP requirements, two things have to happen:-You (or your wife) need to spend more than 750 hours a year on real estate activities, and-Those hours have to make up more than half of total working time for the year.The challenge is proving that level of involvement when a property manager is already handling leasing, maintenance, and tenant issues.

You don't want to spend all the money to convert a garage just to have it be illegal.2.

Joshua,It’s definitely smart to track budget vs. actual throughout the renovation.

It’s meant for personal budgeting as well so it’s super simple to set up and yet can give you reports by income or expense category, property, or time span.

Then there's a smattering of lenders who will fund 90-95% purchase and 100% rehab budget.  

My budget is around 650k. 

An accent wall really goes a long way in making a space feel more inviting and memorable — it’s such an easy win without spending much.