It's all about the methodology.

Any insight would be appreciated - your methodology on your first deal would be helpful as well. 

Furthermore CAP is local, so comparing CAP rates of properties in different places is not real meaningful.Essentially CAP will let you know the cost of the cash flow produced by a property in relation to the cost of similar cash flows produced by other properties in the same location {provided the CAP for each property was calculated using the same methodology}.  

Your methodology makes total sense and is logically laid out to me. 

Only the plan configuration and paperwork methodologies are different, due to the fact that real estate is not traded on public exchanges.

I'm currently investing in those C neighborhoods in STL, but I may need to re-evaluate my methodology. 

For this reason, (1) understanding all of the risks involved and developing creative ways to manage them and (2) developing methodologies to micromanage expenses are critical. 

If they don't have it processed before you arrive I'd wonder a little about their methodology.  

Can anyone break down in a process of steps the buy and flip methodology?

Some of the gurus have good points and most of their methodology will work in perfect conditions - but hard work is essential to realizing the results they proclaim.