If you described yourself as an experienced DIYer who wanted to GC his own project, my advice would be different. But, you didn't. You described yourself as someone with minimal experience.

If you're planning on acting as the general contractor but paying someone to consult on the project, you're not realizing any cost savings OR any protection when it comes to having someone be the sole responsible party for resolving issues in the project. You're setting yourself up for potential disaster. More so, because you aren't experienced DIYers with a good knowledge base to fall back on should a subcontractor prove to be incompetent or fraudulent. If you don't have good enough base knowledge to be able to judge on your own whether or not the subs are doing their jobs properly, then hire a GC to oversee the job and assume the overall responsibility. If you think that hiring a GC is too costly, then you really can't afford to NOT hire a GC in your position. At least they will be financially responsible for the whole project rather than leaving you holding the bag as an inexperienced GC. I'd scale back on the project scope, or put it off before I'd rely on a consultant with a disclaimer clause and the occasional part time drive by visit to act as an advisor on my home. There is such a thing as penny wise and pound foolish.

Good advice.

BTW, are you doing a lot of structural modifications, or is this more like a new floors/new bathrooms/new kitchen kind of job?

i'd have the same question as homebound.

We are remodeling our ENTIRE house...well it all started with a powder room remodel to be exact...

But now it's turned into an entire downstairs remodel and Master BR.

We are complete DIY and have done EVERYTHING minus the granite countertops...this includes: removing a wall, installed unfinished hardwood flooring (1400 sq feet downstairs and our upstairs MBR and hallway), Re-faced all cabinets in kitchen including removing a soffit..

Prior to this....the only thing I KNEW how to do was paint...use a hammer and screwdriver.

Thankfully my boyfriend is quite handy and had helped his family on many home projects in the past. If there's something we're not quite sure about tho...

He has a friend who is a contractor and we get free visits =)

Such as removing the wall...

So being your own general contractor is feasible...i'd do that now in a heartbeat...but only because i've learned through DIY.

Is there any small project you guys could do yourself? Such as tile? We started off tiling an upstairs bathroom and shower area...i bought tile books and read how to do it..and we went from there.

Also many big box stores have the tile teaching workshops.

So if you absolutely need to cut cost and be the GC IMO you need some good know-how on prices or be a really good researcher!

I would recommend DIY. There are tons of installation guides on all type of flooring at the link. Another tip to save $ is also to paint yourself... don't hire someone (a trick:When applying the tape at the seams/creases/borders paint the edge of the tape the same color of the wall you have now... by doing this you will fill in any air pockets where the tape sits...once you allow it to dry, paint your wall the color of your choice (paint normally). When you remove the tape, you will have a perfect line, you will never need to touch up. This is a great tip if you're seperating a wall with two colors, a perfect line.. no joke! Here's a good flooring page with a virtual room designer as well so play around with some color ideas you may have (all free) Installation guides on all types of flooring, including eco-friendly floors too!

Here is a link that might be useful: DIY Manuals, Virtual room Designers, local retailers etc.

This is a huge job, if we can do all of it at once. This house needs to be gutted. We plan to start with the upstairs, which would involve removing 3 bedrooms and a bathroom, constructing 2 bedrooms and a bath and the master suite. We also plan to extend the loft and add floor space to the upstairs. The stairs will also be restructured.

The downstairs will involve dividing the current master suite into 2 bedrooms which will act as a playroom and office. The entryway will be restructured (removing walls, adding an entry closet) and new flooring throughout.

We are not concerned with removal of any walls as this is a metal building and only the outside walls are load-bearing. Basically, we have a clean slate to work with.

I think I mis-used the term general contractor. What I mean, is we'll be selecting our own sub-contractors. We have installed tile and carpet before, so we're planning to do that ourselves. We can also paint, demo and clean up. We will definitely be hiring professionals to do the electrical, plumbing and AC ductwork (unit is fine, but ductwork has to be replaced). We're also planning to hire someone to frame, sheetrock and texture the walls. Experiened people can do that so much easier and faster than we would be able to. Of course, if the savings will prove dramatic, we can always learn. :)

I have numerous friends in the contracting/building business and friends who have extensively remodeled homes and other buildings. They are all providing me with lists of reliable, trustworthy contractors to choose from, so I'm not looking for these folks in the yellow pages. :)

I am planning to purchase most of the materials (faucets, light fixtures, etc.) myself, mainly because I'm a good shopper and can usually find exactly what I want for much less cost.

Given this additional information, do you think we are crazy?

First, stop and check out what the additional 200K you are planning on putting in this home will buy you elsewhere.