I would recommend to buy in your local market for your first property... but I also realize every market is different and might not be affordable or the best solution. 

You will incur two types of costs when it comes to a flipA) Costs directly related to the propertyB) Overhead costs(I.E.

You can scan the receipt with your phone using the QB app and it loads directly to the program.

You are required to file a complete and accurate return, which means reporting the income that you earned along with atleast the direct expenses that you incurred on your rental.There are two comflicting forces - Your tax accountant wants to be aggressive with deductions because it will entitle you to paying less taxes(now or in the future).Your lender wants to see as much income as that will increase your Debt to Income Ratio(DTI).The good thing is that you can speak with your lender about 'one time expenses', that were only incurred in that year and are not reoccuring. 

In regards to the numbers you're calculating they seem to be relatively conservative in my opinion, to be direct it's more than I use for homes that are in good condition.

@Tessa Mac You can certainly rollover your old 403b plan into a self-directed account. 

Hey everyone, House hacker here looking for some legal direction with taxes.

Once I gave in and bought a few only to not have assistance and no clear direction so frustration took over and I was still learning but needed direction, I finally found a group of investors to help me,  guide me,  and teach me the ins and outs of the industry.If I am not working deals learning the ropes or watching videos for extra information in real estate investing you can find me at my full time career as a Auto Injury Claims Specialist with big red.

If you are seeking an actual private lender or direct HML  consider starting your search here: https://aaplonline.comThank you so much.

@Tyler GilpinEach HUD office in every County publishes FMR ( Fair Market Rent ) reports each year.Just google Name of Counit HUD FMR and it should pop up.You might have to dig around to find it.Or call the local HUD office and they will point you in the right direction