Build up for your next investment.I'm not actually spending any of the investment money on myself for a car or vacation.

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

My own personal experience is that a huge stressor has been lifted since I've stopped spending hours looking for and analyzing deals and my index funds/stocks are doing well (just hope it doesn't decline in value when retire from my W2 job). 

One of the biggest risks I observe with flips and first time investors are instances where the project goes over budget or gets stuck in mud, can't sell and even worse the borrower doesn't have the credit profile to refinance out to a lower interest lending source if borrower is required to hold the property as a rental. 

Everything seems to work as is for the time being, but I'm budgeting for the roof and furnace replacement in the near future. 

Finding a decent contractor might be one you want to spend more time on in the start since it could take longer to find.

If you didn't budget your rehab correctly, and don't have access to more money, you will be stuck (this is also true if you buy with cash without any excess money).  

You'll spend more chasing them than you'll collect.

@Tyler Jahnke spend the $500 and fly to Indy and see what the properties you are purchasing look like.

As long as it cleans my bum I don't really spend a lot of time thinking about it, and I suspect most of your guests won't either.