First you will need to know how to complete a scope of work.  A Scope of Work is a precisely worded document describing what work is to be done, what equipment and material is to be provided, items or labor that is excluded, and any other pertinent information pertaining to a construction project. The scope of work is used to communicate what is required to the contractors who will submit a bid to do the work described. It ensures all bidders are pricing the exact same work. This allows the owner or general contractor to accurately compare bids in order to award the contract.

You need to know about the area in which you are flipping in. By knowing the area you will be able to determine if you will be able to resell this property, or if this property will be strictly a rental. Before you decide to buy a property decide whether you want to flip this property and sell it or if you will be keeping it for a rental.

You need to build yourself a good team of contractors and maintenance workers. Having a team that will be able to work together and that you can trust to get the job done without you being on the scene everyday. Set up accounts with the local home improvement stores so that your contractors are able to go in and purchase the items that are needed without you being there. This will save you a lot of time.

Get an advertising plan together. If you are planning on selling the home upon completion of the project, plan how you will market this home to potential buyers. Start advertising the home a few weeks before the project is complete. You can use traditional ways of advertising like the newspaper or internet. But use some other ways too. For example you could have flyers with an open house date, get a list of renters in the area and mail out information about the home for sale as well as the open house date. Be creative with your advertising. The more people you have interested in the home the more likely you will sell it quickly and can build a buyers list.  

By knowing all of this before you start your project you will be able to have a plan drawn out for contractors to bid on. You will be able to build a successful team. You will be able to pick a good location for both selling a property and renting a property. Plus you will be able to advertise in a timely and effective manner.

Article Source