Increasing your vacancy and adding CapEx/Repair costs will make your already negative cash flow even more negative.I'd pass on this deal and keep looking.Robert Leonard

That being said, at NEGATIVE $200+ per month in cash flow, not a property you'd want to pursue...Robert Leonard

Repairs and CapEx are also a bit low - I generally look for these two to total 15%.Robert Leonard

If you're really into the affirmations and self-improvement you'll like Miracle Morning by Hal Elrod.   10X by Grant Cardone - love him or hate him this book will fire you up and help you think big.Real estate-specific books, I love Flipping Houses Exposed by Danny Johnson. 

As your first property, it'll teach you a lot about managing and owning a rental property, at which point you can scale into other properties in more affordable/attractive markets.Robert Leonard

If not, you can do 60 days to give yourself more time so the property isn't sitting empty.Robert Leonard

Ultimately, you are still getting the property under contract for a lower price than someone else is willing to pay - a wholesale deal.Robert Leonard

Some banks/mortgage companies will require you've had the loan/property for 6-12 months before you can refi.Robert Leonard

Danny 

Without having the estimated repairs priced out and just an arbitrary number of $50k as repairs it's tough to say if the repairs are accurate, but it seems reasonable, at least.Robert Leonard