Enough to cover you for a complete loss and potentially getting sued for numerous reasons.  

There are numerous ways. 

Other Expenses;  There are numerous other expenses that occur for each property. 

Flips ae highest reward potential with the highest risk in todays markets.

Numerous reasons both good, bad or even indifferent.

In the tax world, substitute the last word for crooked.As a former tax man, I cringe when I hear numerous stories such as this.

One of the things that most people don't realize is that rewards systems are very similar to punitive systems (further explained in this Harvard Business Review Article).

We are using a HELOC for the purchase and I am skulking around for decent 0% interest credit cards that still have rewards. 

There are people with absolutely no life whatsoever so they tend to "troll" the site posting crap, ahem, numerous worthless and harassing posts.

We have listened to pod-casts, read books and evaluated numerous properties in both Austin and San Antonio using the calculators and we finally feel comfortable enough to start buying properties, YES!