Fix and Flip Checklist: Every Step from Acquisition to Close

After 20+ years and dozens of flips in Northern Virginia, I still use a checklist. Not because I forget — because deals move fast and a missed step on a $400,000 project is expensive. Here's what I check at every phase.

Northern Virginia Market

Phase 1: Deal Analysis (Before Offer)

• Pull 3 comparable sales within 0.5 mi, sold within 90 days, similar size and condition
• Establish conservative ARV from comps — your number, not the wholesaler's
• Walk property with contractor to establish rehab budget
• Apply 10–15% contingency to rehab estimate
• Calculate max offer: (ARV × 0.70) − Rehab
• Model all costs: acquisition, rehab, holding, selling
• Project profit and ROI — confirm minimum thresholds are met
• Check title for liens, back taxes, code violations before offer

Phase 2: Due Diligence (Under Contract)

• Order home inspection and specialist inspections (structural, roof, HVAC, electrical)
• Check permit history — unpermitted work creates liability and appraisal issues
• Order title search — confirm no liens beyond what was disclosed
• Confirm zoning allows intended use
• Get contractor bids to confirm rehab budget
• Verify financing is in place and ready to close
• Lock in insurance

Phase 3: Renovation

• Signed contract with contractor — scope, schedule, draw schedule, lien waiver requirement
• Pull all required permits before work starts
• Establish weekly site visit schedule
• Document progress with dated photos at every draw request
• Track actual spend vs. budget — flag overruns early
• Get lien waivers from all subs before final payment
• Schedule inspections as required by permit
• Final walkthrough with contractor — punch list before release of final payment

Phase 4: Listing and Sale

• Professional photography — non-negotiable on any property over $300K
• Staging consultation or full staging depending on price point
• Confirm permits are closed and certificate of occupancy obtained
• List at competitive price based on fresh comps — not your cost basis
• Review every offer for financing contingency, inspection contingency, closing timeline
• Confirm buyer's financing with lender letter before ratifying
• Track closing timeline — follow up on appraisal and clear-to-close milestones
• Confirm wire instructions for settlement proceeds

Dan White is a licensed Virginia real estate agent at Pearson Smith Realty and founder of FreeDealCalc.com. He has been fixing and flipping in Northern Virginia for 20+ years.