It's a bit tight but probably doable.

If you don't have atleast an additional $10K saved up you may end up in a tight spot financially if you have an unexpected repair. 

You will see a trend that allows you to ballpark them real tight.  

I Was working on two properties and I knew my cash was getting tight.

the spread was usually 10% or so..But for sure if a deal is stressed because 6% money only works and 7 or 8% money throws it out then those are some really tight spreads to be working with.. and one would not want to be signing up for 3 to 5 year call notes. 

If the $783 does not include P&I, then it gets cut almost in half to 440...now things become quite tight and risky. 

Let me know if I can help.The housing market here is super tight, but that doesn’t stop us from looking for deals.

@Michael S. whatever you choose to do I sure hope you consult with an attorney and have your contractor sign a clearly stated operating agreement outlining the work expected, deadlines for said work and payment schedule based on checks and balances from you also outlying your obligations as well. 

Because once foundation work begins...too many cans of worms and your numbers are way too tight.

I suggest you make sure you keep a tight budget on both your businesses and your personal finances.