It's a clean project with a big payout at the end, no ongoing landlord headaches.Finding the right deal is the main game.

I toured a lot of properties before buying my first rehab project in a Class C neighborhood. 

For those, all I do is delete a "projected" value from a row and maybe update the date if it didn't occur when I expected it.

If you are staying overnight only to work on the flip, such as meeting contractors, doing repairs, or checking on the project, the hotel expense is usually considered a business expense and can be written off.

Anything above 10-12 percent is just a projected IRR # that may not come to fruition. 

The biggest mistakes first-time buyers make are overpaying in trendy areas and relying on optimistic projections, so conservative numbers and verified performance are key.

The key is buying something where one unit covers most (or all) of your payment.Don’t just “save blindly” for two yearsInstead:• Study actual duplex numbers now• Learn rent comps• Run conservative projections• Talk to a lender to understand your real buying powerYou may realize you can move sooner, or that you need slightly more reserves.Biggest risks to avoid:• Overestimating rent• Underestimating repairs• Buying for appreciation instead of cash flow• Not budgeting reserves (I like 6 months PITI minimum)Think long-term strategyIf you house hack every 1–2 years, you could realistically own 3–5 properties before 30.

For a first project, staying with light/cosmetic rehab and a strong resale market tends to reduce risk, even if returns look a bit lower on paper.

Projects get approved and scrapped all the time.

Add 4% for long term appreciation which would be real challenging on a 1% monthly rent ratio property.   10% total return, not counting any tax benefits, therefore is a challenging goal that very few mls properties will be able to achieve.Who invests in residential RE for a projected 10%.