If this was a brand new house then your number would likely be sufficient.

@Cindy Carriger thank you for reading. from when i was pulling homes off of the auction site and zillow i had people call me and basically explained that the bank pretty much owns their house now which is why i stopped, keep in mind i switched from that method to the google maps method in 1 day, it just came to me in my sleep, i have 20 letters i need to mail out in the morning from the new method, im anxious to see if i get calls.

It sounds like you probably didn't do sufficient due diligence on this guy and/or don't know him well enough to predict how ethical and trustworthy he is.

Hey guys, I was wondering if I bought a 3 bedroom 2 bath. house could I rent all 3 bedrooms and build a shed for myself in the backyard to sleep in? 

If they don't know how to arrive at sufficiently good answers - THERE'S their answer! 

Without a deposit you fail to meet sufficient consideration for a bilateral contract.

@Shannon K. if the ARV is sufficient enough to cover your renovation and CC, then the short answer is yes.

The discussion here is that many of us are dealing with hundreds/thousands of transactions, and therefore Excel isn't sufficient for keeping track of finances.In your example above, regardless of whether it's one journal entries with 1000 lines or 1000 entries, the complexity is still the same if you're trying to use Excel instead of QB. 

As I'm conducting more research,  I believe it's best to start off without forming a legal entity until I secure sufficient funding.  

Another property I saw I was posted on a Saturday night before sleeping, woke up next morning to inquire, it was under Active Option Contract.