A lot of lenders used to apply 35% for expenses, but in the last several years, the numbers for supplies, labor, utilities, taxes, etc… have increased significantly.Also take into account the age, occupancy and how has the property been maintained, this will affect the expenses too

To estimate expenses, consider setting aside a percentage for management fees, plus costs for cleaning and utilities.

Depending on how long you have been in the first property (based on your interest rate, I am assuming 3-4 years), have you explored the option to utilize your FHA again?

@Kamal Sukhija, The single member LLC option as been mentioned a couple of times. 

then, there are holding costs while you rehab - servicing the loan, insurance, utilities, the rehab. 

All utilities are split and are paid individually by the tenants.

I also utilize BP calculators through my professional account to underwrite deals.

Depending on her contract she may have to wait out the term.Is she currently covering utilities?

For out-of-state investors, I suggest considering a C-class turnkey single-family home.

Between carrying costs, having to potentially raise equity and/or utilizing debt during the pre-development period  had I settled plus associated time, I  probably would have spent a similar amount of money.