By my calculations I can make it work but it'll be tight given my personal financial situation. 

As @Matthew Paul said inventory is tight right now and it is tough to find good deals.

@Abdul Azeez, I think that the problem is that you are stacking the deck against yourself trying to do all of these things on your first deal:1) Purchasing the property from an online auction site / bank, which is notoriously tricky even for the experienced investor, due to their proprietary contracts and minimal due diligence period and strict deadlines.2) Working with a new contractor that you haven't used before, or seen their work before, and who may not be used to dealing with investors.3) Trying to get conventional financing on a property that has a short closing time and where the mechanical systems cannot be tested.4) Working on your first deal by yourself instead of partnering with a local investor who can guide you along, or at least a mentor who you can turn to with questions.My advice is to make it easier on yourself by considering buying a property with a standard contract and longer due diligence period, network with local investors who can provide you contractor contacts and also some guidance, and consider using private financing or hard money instead of bank financing.In my opinion, buying from the online auction sites is a more advanced strategy that you can use once you are able to ballpark construction costs yourself and/or you have a trusted contractor you've worked with before and/or you have private financing or hard money set up so you can close fast and/or you can purchase the property without interior access and hope to get lucky in terms of condition (but still buy at a price where you are comfortable doing a full rehab if necessary without losing much money) and/or you are familiar with agreement of sale contracts and closings in your state so you can assess the risks of using the bank's seller-friendly contract.You're already doing the right things by asking questions on this forum, and taking action.  

@Ming LimMortgage financing regulations are still not as tight as they were when I placed my first mortgage in the 80's.  

Granted, we are pretty tight and detailed but I personally feel that's the only way to do it right.

They look at the overall deal to make sure that our margins aren't too tight and that the comps are conservative to account for market fluctuations, going over schedule etc. 

I will repeat a quote that I have heard, "A goal that isn't set with a deadline is called a dream." 

.$1400 Income-$140 Mgmt Fee (%10)-$112 Vacancy (%8)-$210 Mntc/Repairs/Capx (%15)-$915 Mortgage (PITI)I know it's tight but do these numbers look reasonable?  

Your financials are too tight to not have predictable cash flows on this property.You also could lose the home sale exclusion if you convert your former residence to a rental.  

Pedro,It's no mystery, to maximize profits you'll need to run a tight budget and yes, it's all over the place.