You have outlined precisely why I have moved forward with plans to do the same.

If I would have more precisely estimated my rehab costs, I would have bought at a price that added some additional equity.

well turns out my needle in the haystack buyer just got the golden parachute from Precision die cast (retired CEO) he had been eyeballing it the whole time we were remodeling it.. we did a 1.5 million in finish work.. so you can imagine the quality and he wanted that home.. first day on market boom sold... and like any red blooded American broker day it closed I bought an airplane  LOL>.

If the steps aren't followed precisely, it can be costly to either party...

I have a more precise excel spreadsheet set up with a much greater analysis but the numbers I provided were estimated from that to just give the basics (may not add up exactly due to rounding). 

Obviously, you always want to include known expenses like management fees, taxes, insurance, and average utility and landscaping costs as precisely as possible, and make sure you're not forgetting anything that will throw your analysis off.

Precisely because of the VA loan.  

(please see the thread for precise info, I'm not an expert!)

My profit on a rental property is my income (rent) minus my expenses (Interest on my debt, insurance, repairs, etc.) and that is precisely what I am taxed on and I am taxed at the same rate as every other business. 

I'd love to hear some suggestions (outside of consulting my agent) on how to improve the precision of my analyses.