Even seasoned flippers run into unexpected expenses.

I would suggest to keep looking because this property sounds like a nightmare with lots of unexpected costs that could pop up.

Luxury Yacht (with decent expendable income) who owns a 3 year old SFH he rents out at market rate in a class B area to stable renters may make a different decision on what to do with monthly cash inflow than Just starting out on a shoestring and a prayer blue coller worker who owns a 70 year old class C that is overdue for a rehab.That is based on personal ability to meet costs when they come due and the probability that costs will come due.That being said, it's always intelligent to budget for CAPEX using real life numbers vs IRS or guesstimate numbers.You also need money for turns, which includes carrying costs when unoccupied and etc...As well as unexpected costs, such as roof damage, or early appliance failure--such as a refrigerator.Good Luck!

@Sam Wilson -  A very unexpected perk that I've found to work is that we don't require vaccinations.   

How long did the rehab take and what were some of the "unexpected" issues that you faced?

However, I would be delighted to gain workplace experience-say two years-prior to furthering my studies.

You want to make sure you have reserves for vacancies and also for unexpected repairs of making the place rent ready when a tenant moves out. 

@Colin J Parks, ha ha,Colin, I have been started for years, life and health events change plans unexpectedly as we get into the forth quarter.

This way, the money is in a sense liquid because you can borrow against it if a deal pops up unexpectedly.

They unexpectedly discovered how to work in both markets by utilizing ‘boots on the ground’ resources in Colorado.