Who Do Iwant To Do The Work?
1st rehab project - I don't really have any experience working with any contractors but do have some friends who know how to do the work and need the money. I also have a rehab guy who is a pro but have never worked with before. Not sure of the direction I should take. Any advice would be appreciated.
Whichever direction you go in I hope you over estimated your costs to rehab and your costs to hold. With no experience if you don't lose money on this one I would count it as successful.
What direction do you want to go long term, do you want to just hire contractors and try to sqeek out a profit, or do you want to be more hands on, doing what you can or want to do and hire out bits and pieces at your discretion?
Which ever your long term goals are I would start the same way, because the sooner you learn the ropes the better.
Consider inviting an experienced contractor to come in and work for a percentage of profits--he can give you a realistic estimate of normal costs after the fact. Check references and document your agreement. Don't use friends who need the money unless you are comfortable paying for work that doesn't get done.