Rocky,Are you going to use your own money to renovate a home you do not own? 

To answer your question on what I wish I knew earlier: Never trust the "Estimated Repair Cost" on a wholesaler's flyer.A lot of new investors get burned because they assume the renovation budget is $30k, when in reality (especially in older East Atlanta homes), it’s closer to $60k.

Cash invested: $50,000 This deal involved providing private money for the renovation of a single-family home known as the “Santi property.”

Here’s the listing:--> https://www.zillow.com/homedetails/398-402-Boston-Post-Rd-Wa... price: $350,000My plan:Live in the smaller homeRent the larger home immediately (after light cosmetic work)Use FHA (3.5% down) + CHFA (down payment assistance)Reduce my personal housing cost as much as possibleSlowly fix my unit over timeBuild equity and eventually refinance to help fund a future businessNUMBERSPurchase Price Target:Offer target: $260,000Expected seller counter: $275,000–$300,000Currently listed at: $350,000FINANCING (FHA + CHFA)FHA 3.5% downDown payment covered by CHFA assistance programEstimated interest rate: ~6.5–7%MONTHLY PAYMENT ESTIMATES (P&I + Taxes + Insurance)At $275,000 purchase:Mortgage (P&I): ~$1,775Taxes: ~$420Insurance: ~$150--> Estimated Total: ~$2,350/monthAt $300,000 purchase:Mortgage (P&I): ~$1,940Taxes: ~$420Insurance: ~$150--> Estimated Total: ~$2,510/monthRENTAL INCOME ESTIMATE (Big House)Based on local comps:Low: $1,700/monthTypical: $1,800–$1,950/monthStrong (clean/paint/update): $2,000–$2,100/monthMY OUT-OF-POCKET HOUSING COST AFTER RENTIf I rent the big house at $1,900/month:At $275k: ~$450/monthAt $300k: ~$610/monthIf I rent at $2,000/month:At $275k: ~$350/monthAt $300k: ~$510/month(I currently pay $0 in rent living with family, so my goal is to keep my costs low while building equity.)REHAB ESTIMATESBig House (rent-ready):Cleaning + paint + small fixes: $1,000–$3,500Optional cosmetic upgrades: $2,000–$5,000Small House (my unit):Cosmetic repairs only: $500–$3,000Optional improvements (done slowly): $2,000–$7,000Major systems (worst-case ranges):Roof: $8k–$12kBoiler: $4k–$8kElectrical panel: $1,500–$4,000Plumbing repairs: $500–$2,000 typical(Inspection will tell me more.)CASH NEEDED TO CLOSEWith CHFA:Down payment: $0 out of pocketClosing costs: varies, but often reducedExpected out-of-pocket: $1,400–$1,800Inspection: $400–$600Appraisal: $500–$700MY FINANCIAL POSITION(To give you context for risk tolerance)Income: $5,000–$6,000/monthMonthly bills: ~$2,600Emergency fund: $10,000Credit: 717Access to 0% APR business credit card (likely $8k–$12k limit)Currently pay $0 rent (living with family)MY QUESTIONS FOR THE COMMUNITY1.)

.🔹 Step 1: Deal Structure (as I understand it)Purchase price (effectively):$10,000 down + ($1,600 × 30 mo = $48,000) + ($200 × 60 mo = $12,000) = $70,000 totalMonthly outflow (including taxes + utilities): ≈$2,050–$2,200Current rent roll: $550 + $475 + $400 + $300 = $1,725/monthValue estimate: $60k–$70k per CMA (pending confirmation)🔹 Step 2: Current Operating SnapshotGross Rent = $1,725/month = $20,700/yearExpenses (per seller estimate) = $2,050–$2,200/month = $24,600–$26,400/yearNet Operating Income (NOI) = –$3,900 to –$5,700 per year (negative cash flow today).So as-is, you’d be losing money each month.🔹 Step 3: Upside Potential — Raising RentsRents are well under market (you said).

Keep it rent-ready, not perfect.We don’t renovate for applause.

Our first house is definitely a fixer-upper, and we are in the process of renovation. 

I'm trying to get a ballpark estimate of what it should cost to paint the interior of a 4 bedroom unit in Shaker Heights. thanks! 

@John Matthew Johnstonfolks will probably chime in with low-ish estimates but in my experience closing costs can be fairly robust if you're going through a broker, and depending on whether you are buying down the rate or not.could be 1-2 pts to broker and 1-2 to lenderplus the usual title and closing costs

Quote from @Ariel Broome: Good Day All- I purchased a property with a hard money loan under LLC #1 (the flipping LLC) , I renovated the property and rented out the property, and then refinanced it while simultaneously transferring the deed to LLC #2 (LLC holding rental properties) .