So it cost us the full say $6,000 charge.  

When you add purchase price, carrying costs for at least 6 months, materials, labor, real estate agents costs and taxes, do you have at least a projected 10% profit?

Equity Created: $550,000 ARV - $409,000 loan balance = $141,000 in equity.Cash Flow: The property rents for $2,950/month, covering all expenses and generating slight positive cash flow.HELOC Potential: Post-refi, I can secure a HELOC up to $86,000 (90% LTV) to fund future investments.

But keep in mind that there might be some delays in getting payments started, particularly in the first month or two as inspections are completed and paperwork is processed.

My partner and I put on some investor forums monthly in Scottsdale, great way to connect with other investors.

Agreeing with @Dominic Mazzarella I would go to your uncle and ask him how much he needs monthly to sell with zero down and a 7 year call and balloon at the end. 

I think they contain solid information and will help lay a good foundation as a beginner (Haha, I'm completely new to real estate as well, btw)I'm also going to be reading the following books, and hopefully I can finish all by the end of this month:1) The ABCs of Property Management2) The Advanced Guide to Real Estate Investing3) Long-Distance Real Estate Investing How to Buy, Rehab, and Manage Out-of-State Rental Properties (this might be the most important one to me personally)4) The Book on Investing in Real Estate with No (and Low) Money DownIn addition to reading, I'm consuming crazy amounts of youtube videos, and I'recommend you do this as well.

You will owe monthly payments until you fix the property up, rent it out, and refinance to a more traditional 30 year fixed rate product. 

Please recommend a lawyer who works with fixed fee and does not charge for every min s/he talks to you. 

Advantages are we don’t have to furnish anything in the house and we collect the same amount of rent each month no matter how many members are in a house.