Also, I fully agree in that you need a "guide" especially in the beginning if you've never done this before.If you want to know more about this and need help, just PM me and if you look at my profile, you'll get a better idea as to my philosophy/ methodology.

My hope was that it would work and I kept working on everything else until I finally filled it up and tried running it and the ancient heating system.

Anyone out there followed his methodology and been successful?

Does this methodology sound right?

They all have it's variations and methodology.

Are there foundation issues, ancient plumbing & wiring, asbestos and lead hazmat issues?  

@Hadar Orkibi Thanks for the review of the BRRRR methodology.

However, if you have support for the deduction(HUD/closing disclosure) and a proper methodology of allocating cost to the property and land - you should be fine.

well mine is ancient history 1977 ish.. you could only get 80% financing in those days.the bank allowed a private second.. that's what HML did they did the 10% second as there was no rules against owner occ.. then the bank did the first and you had 10% down plus closing costs.but one year of income worked as well.

You can find a ton of methodologies for determining each but if you're drowning in a haze of acronyms then I'd start with a deal analyzer.