Setting income requirements artificially high in order to exclude applicants who receive public benefits.

I mean, if you bought... that's a buy, I don't get why it should be excluded unless it wasn't an arms length transaction.Now back to what I guess seems like your strategy or business plan...

Excluding driving time, on average how much time are you spending per appointment (meeting, scanning, shipping, etc.)?

I have a budget of ~150k total for this venture and I estimate about 55k in rehab costs excluding any work done myself.

Jeff, Just in case you were thinking that this is an insurance issue, most homeowners and dwelling fire policies will exclude Vermin such as bed bugs. 

You need to use your building basis, the portion allocated to land needs to be excluded.

My plan is to walk for dollars and call potential distressed landlords)Loan Amount: $190,000Loan Details: 7% interest rate amortized over 30 years INCOMERent: $2,600 (assuming both units rent for $1,300) Total Income: $2,600EXPENSESMonthly P&I: $1,264PMI:  $158 (1% of loan amount)Homeowners insurance: $100 (estimate for my area) Vacancy:  $130 (5% of rent) Capex:  $260 (5% of rent) Taxes:  $450 (monthly estimate for my area) Total Expenses: $2,362 Total Income - Total Expenses = $2,600 - $2,362 = $238 This is excluding future property management, potential lawn care, snowcare, utilities that I'd have to pay etc.

. $20-$25/ sheet is reasonable although it's typically up to final coat excluding paint.

To exclude the entire state of Cali, where all levels of cash flows and 1/3 of US population exist, is pretty dumb advice.

For that matter can't you write into the contract or exclude whatever you want?