But it's big enough to really bite you in the butt if it goes wrong, too. ( I'm sure you're aware of that, I'm just reiterating it since it appears that you, like me, are just starting out with this type of project) So do a lot more research first about the actual expenditure needed to get the place in good shape, and be more pessimistic about your ongoing expenses; what you are currently projecting seems like "best case scenario" pricing.

I am also interested figuring out how to get tenants/roommates to pay for the mortgage on the property so that I negate my rent  expenditures completely. 

The fee often includes all exterior maintenance, landscaping, trash and (sometimes) water, so you can project pretty clearly what your yearly expenditure would be.

Assumptions: I would assume the ARV to be $130,000 (conservative, I know), $70,000 max purchase price, M&R reserve of 2%, Capital Expenditures Reserve of 3%, 10% vacancy and 180 day hold period.I have access to private money that could make this financially viable.

It looks like you haven't consider capital expenditures.

It sounds like you're ok for capital expenditures, but if you want to be ultra conservative put in an additional $140 - $170 per month for capex.I'd be interested to see how the numbers look on the BP calculator.  

You'll need to estimate his annual repair and capital expenditures too.

In theory, I would receive $470 per month, but I am earmarking half of that, $235, for management, vacancies, expenses and capital expenditures.

For repairs I used 10-15% of rent for maintenance/repairs/capital expenditures combined. 

I'm assuming I should just put zero there to be safe.I'm accounting 2% for repairs and maintenance.Not putting anything in for capital expenditures or property management.I'm putting 1% for expenses increase.Like I said, this will be my second home but I plan on turning this into a rental as well.