These are becoming very affordable from retailers like Home Depot and Floor and Decor, and they really set you apart from builder-grade homes!

Know the market well.

Since you know what you need to buy it at and an average rehab cost, I would say $50-70k for a cosmetic flip, set the ARV based on the sample you choose and doing comps and ask them if they would invest in a deal similar to this. 

As Shawn mentioned above insurance is going to be a HUGE deal in Gainesville as well as HOA's.

You'll also need $10k-$20k for closing costs and other items on normal loans, as well as 3-6 months of reserves (PITIA) for the majority of lenders. 

However, there is a specific deal Which I find hard to understand the ARV for.It is a Single Family Home, 2 Bedroom 1 Bathroom, 850 SQFT.These two comps have a price gap I find hard to understand, even when considering the difference in renovation level.If anyone knows this market well enough to understand the cause of this difference, and if it might be due to an issue with the location, or if there is anything I am missing.Comp 1 - 1011 Elm Street, Burlington, NC, 27217 (120K)Comp 2 - 1109 Walnut Street, Burlington, NC, 27217 (120K)Comp 3 - 1505 N Park Ave, Burlington, NC, 27217 (180K)Thank you!

First, lets set some inaccurate information straight. 

Focus on getting your finances in order, setting achievable goals, and finding a mentor or local real estate groups to guide you.

Well, of course - that's obvious - but most people in most places in the US are going to spend too much on their purchase because that's what's available.

. #4 should come from a solid agent referral as well