If the after repair value is $168k, and the asking price is $78, then factor in how much it would cost to make it look like the $200k finished product.A foreclosed house is going to have unexpected expenses.

You can have positive NOI but negative cash flow (think:  debt service and an unexpected roof replacement costing more than the NOI throws off). 

Unexpected cash calls, short occupancy periods, higher and higher turnover costs are very common when investing out of state - especially when the buyer is looking for higher cash flow.Cash flow is a calculation.  

Investing $300k to split $75k is not a very good return - this is also assuming that nothing unexpected comes up causing the rehab costs to increase and the market holds level.

Everything looks good when it’s on the other side of the fence but upon closer examination you usually find an unexpected issue that you didn’t plan for or have never really given any thought.  

BP community,I've been running through the BP BRRRR calculator a ton for a few months and keep running into an issue with how the calculator is setup that I figured I'd finally get on a post and see if anyone else is ...

For example, if you think you can make $35K post rehab if everything goes perfectly and you get the price you believe you will get, then getting $30K for a quick as-is sale (more than likely to an end user) makes more sense and takes away the risk of unexpected problems during rehab and/or the appraisal issues I mention. 

Yes, missed rent payments, evictions, and unexpected events are all part of being a landlord. 

Some owners will want to know about every maintenance item that comes up as it does, some are OK with seeing it on monthly reports, some owners, typically long-term clients, trust your judgment and may only ask for details about this or that if the item is unexpected or unusual.- Yes- Quarterly would be slow; most PMs send these each month.- How you pay PM fees and structure, you have some discretion over.

Moral of the story if you only have $4k I would definitely recommend going the turn-key route or have a plan to save a bunch of money for the unexpected expenses.A few other things that are easy to overlook with a VA loan, like the origination fee (I may not be calling it by the right name) on top of the standard closing costs.