The Budget That Always Lies: Your initial rehab budget is wrong. Always. Add a 15-20% contingency buffer for hidden water damage, outdated wiring, and plumbing surprises. Common Renovation Cost Ranges: Kitchen $10K-$40K+, Bathroom $5K-$20K, Roof $8K-$25K, HVAC $5K-$15K, Cosmetic $3K-$8K, Paint+Flooring $2K-$6K. Picking Your Contractor: Budget, Standard, and Premium tiers. A premium contractor who finishes 6 weeks earlier might actually be cheaper due to reduced holding costs. The No-Rehab Flip: Target properties where the previous owner already improved but needs to sell quickly. Smaller margins, zero construction risk. Cash vs. Finance Decision: Paying cash for rehab keeps your loan smaller. Financing preserves cash reserves. Never finance rehab above 90% LTV.