Kid in college and one starting to drive   blah blah blah.I'm sure there are numerous places to cut money for sure. 

Here's the deal:Purchase Price (PP): $95kRenovation Budget (via HML): $60kTotal All-In Cost: $155kARV (After Repair Value): Around $200kRefinance (via DSCR Loan): 7% interest, 30-year fixedRefinance Details:After the refi, I will pay back the Hard Money Loan (HML) at 11.95% with 3 points:HML: $60,000Interest/fees: $3,585Other costs: $1,800Total to pay back HML: $65,385After the refi, I will have $84,615 left in cash.Cash Flow & Expenses:Expected Rent Income: $1,700/monthProperty Management (PM): $126/monthInsurance: $100/monthTaxes: $126/monthMortgage: $1,043.75/monthTotal Expenses: $1,395.75/monthSo my monthly cash flow is about:$1,700 - $1,395.75 = $304.25/month in cash flow.Return on Investment:Cash Invested After Refi: About $18,385 (after paying off HML and closing costs).Annual Cash Flow: $304.25 * 12 = $3,651Cash-on-Cash Return (CoC): $3,651 / $18,385 = 19.8%I didn’t account for maintenance costs since it’s a full gut rehab, and everything is brand new.

The challenge for a PMC is having the time to answer all your HUNDREDS of questions and handholding you as you learn, while still making money.

Almost every REMIC is in violation of it's tax status.

I work for a hard money lender called Backflip and we have members/investors do flips in flood zones all the time.

If you have been to these towns, they are good examples but very difficult to enter and make money from. 

The intention is to minimize errors and thus save developers money.

Real Estate is a safe, stable investment that makes you money in the long term.  

You can still make good money, but it's not as much as most people think. 

I make around $110k+ per year, live off around $75K, have a mortgage ($1900/mo for rent, escrow, tax), around $40K in equity, and no other debt.