Simply put, we start off with the As Repaired/Completed Value (ARV), then subtract from that number a reasonable profit, the rehab cost (scope of work), which we've gotten good at, a contingency reserve for any "unexpecteds", our cost of capital/carrying costs (interest and costs of the leverage used), and our costs/fees on the buy and sell sides of a flip.

I want to diversify and I feel like the best way to accomplish that is through real estate.

If one of the greatest investors of all time believes stocks are overvalued, this may be an opportune time to shed some risk and move into a more tangible asset like real estate.The Rochester housing market is a great place to consider for investment.

Awesome analysis of the Portland Oregon real estate market @Keegan Schaub!

I was recently corrected as I thought 12 states required license but it’s up to 18 states now from what one of the BP experts let me know.Department of real estate for re brokernot sure on the cfl.

One said I needed one type of exit light, while the other said the municipality couldn’t make me do that kind of thing and I could go with a different cheaper option.  

Welcome to BiggerPockets Melanie and best of luck investing!

Given your credit score and ability to fund 25% of the purchase I don't foresee any obstacles you will face. 

You'll want a PMC that will check on the property monthly or even weekly, to keep the college students obeying the rules.This management may cost a bit more, but is well worth it!

I  Income:  The amount of property you can buy will be dependent on your Debt to Income ratio.