It's calculated as the ratio of your total loan amount (loan amount for purchase + loan amount for your rehab) to your total costs (purchase price + rehab budget). 95% is a good target.Avoid application and other upfront/junk fees. 

If you want to combine two or more lesser sales into one higher purchase that is fine as long as your purchase meets the timing requirements for each sale.  

You can indefinitely defer the tax and use it to purchase nicer property/properties, as well as not have to recapture any depreciation.

I purchased then started the remodel before trying to rent.

I'm looking for advice on whether I should purchase my father-in-law's 6 unit apartment in Burien, WA (10 minutes south of Seattle) as my first deal, or perhaps help find him a seller that would pay more than I could and is a couple years ahead of me in REI. 

Purchased a little too high at the buy (I knew it at the time too), does a little better than breaking even on cashflow, and took too long to rehab.

You get a Capitalization Rate (CAP Rate), which equals your annualized return by dividing the Net Operating Income (you had gross in your narrative) by the purchase price.

.), but the bedrooms are regular keys, as @Jonathan C. mentioned for the front door, the unit is set up to send me an email when the batteries are low. i also have another student rental ( 8 rooms, 2 entry, 2 units + utility room) one master key and each bedroom has its own key that will get students in the entry, there unit, and there own bedroom. had a locksmith do that one. cost me a few hundred dollars with keying and supplying the locks ( 13 total ). i like both setups but may look into the landlord locks again for my 3rd student rental i just purchased.

And what is your price range on the purchase price?

My LLC is registered obviously, then I received a form in the mail once the property was recorded after purchase.