I've done it but only when i'm trying to squeeze more money out of a third party while at the same time, being comfortable with it coming back to me as REO (That usually implies there is a senior lien/junior lien relationship of some sort).Some of it is art, some science, some smoke and mirror but its all in the effort to "true up" what you realistically expect to take as a loss when its all said and done, if you end up taking a loss.

Rents are not necessarily a science and no broker can guarantee you what rent is.

I'm leaning towards doing it even if I only use it for myself also I love real estate so I think it would be fascinating. 

However, right now, I am a team of one (plus an agent and am working on nailing down hard money lending options, a CPA, and attorney).I am looking for realistic projections for:  Net income per flip my first and second years  How long each flip will take the first and second years  Time investment required first year and second year- Background & Education: I'm a high school science and engineering teacher.

I was fascinated to hear how they operate, but there is a zero probability that we would implement any of the process he uses including what he sends to prospects if we are not already using it. 

Because the financing is different for buildings with more than 4 units, as you may already know, you can't really use a per-unit price on a 4-unit and extrapolate to a 5 or 6 unit :(Instead of looking for comparable sales, you usually end up having to apply a market cap rate to the net income (NOI) of the property, which appraisers call the "income approach".As for what's a "market cap rate", well that's about as much art vs. science as (in some way) choosing good sales comps are.For a B area of Providence I think you'd be safe using a 5% or 5.5% cap rate, but if it was an A area like the East Side you might want to go with 4% or 4.5%.You should also ask around as I certainly haven't done any market survey of cap rates.

I find data like this so valuable and fascinating to look at.

Just an overall fascinating experience.

I know the ARV is not a science but an art but what are we missing here?

He was immediately fascinated and expressed that wished he brought his metal detector.