We have a great tool that provides estimated monthly rent, which you can use in your calculations.

Waited a year to use my VA loan to purchase the property at amortized value ( approximately $118,000 ).

Yep, I saw the same thing @Joel Owens back in 2005-2007 or so when I quit going, what had been a room in the basement that would ALWAYS have many open seats and tables had steadily become standing room only and even some weeks with some of usually the regulars out in the hallway since we'd know depending on the law firm handling the sale, an approximate time it would come up.

I bought a turn key home from another outfit and their stated rent estimate was about 10-15% off. 

What’s a good estimate you think I should have for the down payment, closing costs, repairs, holding costs, and reserves?

I think you may be over estimating the time required to obtain permits.

Im sending over to the property at least 2 contractors to give me an estimate.

Estimates are bout 400k for full gut remodel (hvac, plumbing, electrical, roof, mostly new windows, kitchens, and baths, minor re-framing) New plan is for (2) 2B1B units and will rent for 2k and 2500/mo. 1 unit is a larger 2 bedroom.

Add charges for rent for the remaining months, estimated utilities, estimated cleaning and repairs and cost to re-rent (in our case: cost to PM is 1/2 a month's rent).

Approximately 300K value based on current market conditions.My interests were acquired in 3 steps:(1) Initial quit claim of 1/3rd interest (single owner to 3 joint tenants with rights of survivorship on title).