Last year I made about $80k before taxes, and my main goal this year is to save $25,000 to go towards my first investment property that Lord willing I will buy next year.I can't remember where I saw this but this was the strategy they provided (I believe in the context of a BRRRR):- - - - - - - - - - - - - - - - - - - -Down Payment: 20% of purchase priceRehab Costs: $25,000Closing Costs and Fees: 5% of purchase priceHolding Costs: Property taxes, insurance, utilities, and interest during rehab $3,000Contingency Fund: 15% of rehab costs- - - - - - - - - - - - - - - - - - - -This sounds great in theory, but based on real experience does anyone have any recommendations or revisions to this?

I have a newer home in Kingwood TX looking to start renting it out.

Most investors who want to flip a property start by looking for one.That's backwards.The first real skill in fix and flip investing isn't deal finding — it's deal evaluation.

My wife and I started an LLC and are in the process of buying our first single family property in rural central Pennsylvania.  

From what I see, the biggest risk usually isn’t the purchase — it’s timeline drift during the rehab.When projects run longer than planned, holding costs, interest, and contractor delays start stacking up quickly.

Since you’re just getting started as an investor, a lot of people are pivoting to Midwest markets.

How to make sure no liens on property like taxes, utilities etc.  

At what scale does it make sense to start exploring a cost segregation study? 

.- Cost per sqft is just a STARTING POINT, not a bid.- Walk the 'big-ticket' systems: ROOF / FOUNDATION / HVAC.- Never skip PLUMBING + ELECTRICAL (panel, lines, fixtures, outlets).- Count KITCHENS + BATHS and use unit costs to sanity-check totals.- Check CITY PERMITS + CODE items early (they’re budget busters).- Get 2–3 CONTRACTOR BIDS on the same scope-of-work.- Add a 10–20% CONTINGENCY (older homes deserve it)- Include HOLDING COSTS: financing, utilities, trash, insurance, lawn- Match FINISH LEVEL to the neighborhood + your ARV (don’t over-improve)- Hunt HIDDEN ISSUES: water intrusion, termites, mold- Take measurements + photos, then build a repeatable 'Statement of Work' templateThoughts?

If you do decide to do all this, utilize the forms available from RHAWA - Rental Housing Association of WA; They have courses & webinars available as well.