If you buy this house, and it takes a few months to close and rehab, you're getting dangerously close to the holiday season.

Subject too transactions in the hands of those with less than better intentions and or lack capital and experience and are following some guru techniques is a really dangerous transaction all the way around but especially for the seller as you note..

The first Rich Dad book was good to develop an entrepreneurial mindset, but after that the books lacked any real substance.  

That's only the P&I part of the payment, taxes and insurance are in expenses.If you're self managing you can earn the PM's cut, which is roughly a third of the 50% that goes to expenses, capital and vacancy.The danger with slicing this onion too thin is that you're tempted to shave a little off here and a little off there and you end up at an unrealistically optimistic evaluation. 

Most of those people have a hard time wrapping their minds around the idea that I have no substance abuse issues, as most the veterans they work with do. 

Does anyone know of any books or substance I could read to show how to do this?

The name is familiar but anything written that long ago will certainly be out of date, perhaps there is an underlying idea, but so much has changed, laws, markets, perceptions of sellers that trying to follow something that old could be dangerous today.

@Maggie H. you are in a dangerous situation here.

Hey BPers,

I did some market research in my area (Miami) and found where all the houses are being foreclosed or have been bought with cash in the last 6 months. I knew they were in bad neighborhoods but I went out a...

That is the part that really makes guru programs a little dangerous.